HB ON THE SCENE: Loews to Acquire Seattle’s Hotel 1000

LOS ANGELES—At the annual Americas Lodging Investment Summit (ALIS) underway here, Hotel Business learned Loews Hotels & Resorts has inked an agreement to acquire Hotel 1000 from Provenance Hotels, marking its entry into Seattle.

A purchase price was not disclosed and the deal is expected to close at the end of the month, according to Loews.

The 120-room hotel, located at 1000 First Ave. and Madison St., is situateed near Pike Place Market, Pioneer Square and the city’s business district. It features 9,100 sq. ft. of meeting space, a restaurant, bar and spa.

According to Kirk Kinsell, president/CEO of Loews Hotels & Resorts, the 10-year-old hotel will continue to operate under its current name until 2017, at which time it will be flagged as a Loews Regency, the chain’s luxury brand.