Trinity Investments bought the historic 450-key Fairmont Olympic Hotel, Seattle.
Trinity confirmed with Hotel News Now that the price of the deal was not disclosed.
The luxury hotel opened in 1924 and is located in the heart of Downtown Seattle. It recently underwent a $22 million renovation that focused on its public areas, including opening its new Olympic Bar, redesigning The George Restaurant and enhancing its all-indoor function spaces.
CoStar data shows two previous sales of the property. The most recent, in 2019, shows Rockwood Capital and CDPQ bought it for an undisclosed amount. The hotel also sold in 1998 alongside a San Francisco office building to Invesco Advisers.
“We are thrilled to acquire Fairmont Olympic Seattle, an iconic property that has stood at the heart of this vibrant city for a century,” said Sean Hehir, managing partner, president and CEO of Trinity in a news release detailing the sale. “This acquisition represents a unique opportunity to own a fully restored landmark hotel in a high-growth market that is experiencing a resurgence in corporate activity and benefiting from substantial capital investments. We are eager to build on the property’s legacy by embarking on a full guestroom renovation, further solidifying its position as Seattle’s premier destination for business and leisure travelers.”
The hotel has five dining outlets, 25,000 square feet of event space, street-level retail and multiple amenities, including a 10,800-square-foot health club and 6,700 square feet of office space.
Trinity plans another renovation of the property, this time focusing on guestrooms as they have not been updated since 2016.
The deal's announcement comes one month after the news that Trinity purchased The Standard, London, along with Oaktree Capital Management and Partners Group, for $233 million, according to CoStar data.
The Fairmont is Trinity's 11th hotel deal in the U.S. since the final closing of Trinity GP Fund I L.P., Trinity’s inaugural fund, in 2021. Year to date, the company has invested more than $730 million in hotels and hospitality properties worldwide.