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S U C C E S S S T O R I E S Ramada Inn
On March 3, 2006, Columbia West Properties Inc. closed the deal to purchase Ramada Inn Seattle. Located in the fast-growing Denny Regrade area, the hotel lost its luster in recent years. With CWP’s extensive plans to renovate the building and surrounding property, the Ramada will be offering top-class service in a completely renovated mid-price hotel by fall of 2007. It is continuing operations during the renovation. President Michelle Foreman Barnet’s extensive experience in hotel management and strong relationships with strategic partners allowed below-value purchase of the property. Chris Burdett, Colliers International Hotels, brought the deal to Michelle. John McCracken, Chambers Group, helped assess the hotel operation and now manages it for CWP. Skip Slavin, Seattle Mortgage, wrote the loan; and hotel designer Anita Degen is working with Michelle to redesign the property. The area is in the midst of a transition that will include new or redesigned commercial, retail and residential properties. Revamping the property, having first-class management in place, and the financial resources to support the revitalized hotel will make it a strong contender to attract hotel guests in the 3- to 4-star market. Acquiring the hotel is part of the company’s strategy to include hospitality properties in its portfolio. |
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