The block of Eighth and Pine in Seattle is soon to be home to two condo/hotel buildings. Joining the Olive 8 project, and towering over it on the South side, will be the new project Eighth and Pine. The new building is a joint venture between executive Hotel and Resorts of Vancouver and Fana Capitol Corp.
The building, which is not scheduled to be completed until 2009, is expected to be 45 stories high with 180 condominiums. The hotel portion of the building will be managed by Executive Hotel & Resorts as an independent (non-chained) hotel.
Condo/Hotel buidlings are becoming increasingly popular as a way for developers to minimize risk in the volatile hotel real estate market. Initially a reaction to the sudden decrease in room reservations after 9/11, the new condo/hotel format is being increasingly targeted at busy business executives and empty-nesters who want to have the luxuries of a hotel with the comfort of home, all in the middle of downtown.
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