The historic Fairmont Olympic Hotel in Seattle has changed hands. Trinity Investments has completed the acquisition of the landmark luxury hotel located in the city’s downtown. The terms of the transaction were not disclosed.
Originally opened in 1924, the 450-room hotel is recognized as one of Seattle’s premier destinations for business, leisure and social events. Listed on the U.S. National Register of Historic Places, the hotel spans an entire city block and is situated near major corporate hubs such as Amazon, Disney and Starbucks, along with popular attractions including the Seattle Convention Center, Lumen Field, and Pike Place Market.
The property boasts a range of amenities, including five dining options, a 10,800-square-foot health club with an indoor heated pool, 6,700 square feet of office space and 25,000 square feet of event space.
The hotel recently underwent a $22 million renovation, which saw the transformation of public areas including the addition of the Olympic Bar, the redesign of The George restaurant and upgrades to the indoor event spaces. Building on this momentum, Trinity plans to refresh the guest rooms, which have not been renovated since 2016, to further elevate the hotel’s offerings and capitalize on Seattle’s strong growth prospects.
“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. “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.”
Trinity’s acquisition of the Fairmont Olympic Seattle follows the private real estate investment firm’s recent purchase of The Standard, London in partnership with Oaktree Capital Management and Partners Group. So far this year, Trinity has invested more than $730 million in hotels and hospitality assets globally.
This acquisition of Fairmont Olympic Seattle marks Trinity’s 11th hotel transaction in the U.S. since the final closing of its inaugural fund, Trinity GP Fund I L.P., in 2021.