Executive Suite Hotel Anchorage
The Executive Suite Hotel project in Anchorage, Alaska involved heavy renovation to reposition an existing 1960s era apartment building into a very successful 102 room limited service hotel.
Following the success of the Clarion Hotel development project, the opportunity arose to acquire a distressed 1960s era apartment complex nearby. As part of the deal Walsh took over the existing distressed bank loan. However, the bank itself was distressed and as the deal was set to close the bank was liquidated, putting us in danger of losing our financing. Fortunately the failed bank’s assets were acquired by Northrim Bank, with whom Walsh Investment already had a strong relationship. They honored the existing loan and then provided construction financing as well.
The property included an 86,500 square foot apartment complex on a 78,000 square foot lot. There was significant deferred maintenance and a few structural problems to solve. We renovated the complex into 102 one and two bedroom suites, 58 with full kitchens, meeting rooms, and a hospitality suite.
Walsh Investment was both owner and operator of the very successful hotel until we sold the business in November of 2000.
Opportunity to add rooms serviing a different target client than the Clarion Hotel waterfront hotel we had recently completed.