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The five hotels in the Davenport chain of Spokane are sold to a private equity firm, marking a major shift for heavily connected hotels in the city’s downtown core.
Historic Davenport, Tower, Lusso, Grand and Centennial are sold to Denver-based KSL Capital Partners in a transaction announced on Tuesday. The sale is expected to close in 30 days. No price was disclosed.
Walt and Karen Worthy bought the historic Davenport put on hold in 2000 and reopened it two years later. This property became the flagship of what has become almost a half-dozen hotels owned by the Worthys. In a statement, Walt Worthy said it was time to hand over the reins to someone else.
“KSL has the expertise and capabilities to provide exceptional service as they own and operate some of the most prestigious hotels in the world, and we could not be happier that they will continue to preserve the history and heritage of the hotels. Davenport here in Spokane, ”Worthy said.
KSL has experience in managing luxury and historic hotels. It specializes in travel and leisure services and properties. It has offices in Colorado, Connecticut, England and Singapore. His other northwest properties include Hayden Lake Marina in Idaho, a resort town in the Cascades, and a marina on Puget Sound.
Current Davenport CEO Lynnelle Caudill will stay on. Davison Hospitality Group will manage the hotels with Caudill and his staff. DHG helps manage a variety of national chain hotels including Marriott, Sheraton, Aloft, and Hilton.
“The Worthys have built the Davenport Hotels from a single hotel with the restoration of The Historic Davenport into Spokane’s highest quality hotel portfolio, and we are privileged to be part of the next chapter of these properties. to ensure they continue to thrive, ”said Michael Mohapp of KSL.
Construction on the historic Davenport began in 1912 and the hotel opened in September 1914. It was named after local restaurateur Louis Davenport, its first manager. A variety of shops, bars and restaurants have occupied its ground floor for decades.
“Described as Florentine and modeled on the palaces of 15th century Florence, the style of the building was intended to embody the flourishing growth of Spokane as the center of the empire from within,” a historical survey of 2003 Noted.
After being sold in 1945, the life of the hotel was characterized by “a series of management changes, proposed and partial renovations, Connecticut bankruptcy laws"}” data-sheets-userformat=”{"2":513,"3":{"1":0},"12":0}”>Connecticut bankruptcy laws and resulting neglect of maintenance,” according to the survey. historical.
The hotel was added to the National Register of Historic Places in September 1975. By 1980 the roof, windows, swimming pool, and many architectural and structural features had deteriorated. The Davenport closed in 1985. It was nearly demolished before the Worthys bought it, becoming the tenth owner of the property.
The Worthys added the Davenport Tower to their portfolio in 2007. Two years later, they acquired the Lusso. The Grand was the couple’s first Davenport project that was not a pre-existing building. It was built near the Spokane Convention Center in 2013 and opened two years later. The Centennial, on the north bank of the Spokane River, was purchased in 2018.
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