Pacifica Hotels entered a new market this month with the acquisition of the Kimpton Hotel Vintage Seattle ahead of plans to nearly double its portfolio over the next decade.
The Aliso Viejo-based hospitality operator paid $33.7 million, or $269,600 per key, for the 125-room hotel.
“We are excited to be expanding our footprint in the Pacific Northwest by acquiring another iconic hotel in one of the most dynamic gateway cities in the U.S.,” Executive Vice President Chris Marquis said in a statement.
Marquis added that the company had been searching for notable investments in the Seattle market for over a decade.
Chief Executive Matt Marquis said the region’s “strong recovery” in tourism influenced the company to invest in the city’s potential growth. The city recently completed a $2 billion expansion for its 573,000-square-foot convention center, according to local reports, which reopened early this year.
Renovations are also scheduled for the hotel, which marks Pacifica’s first new property since 2019. Updates will be made to the guest rooms, lobby and its outdoor Italian restaurant, Tulio.
The Seattle site, which Kimpton will continue to manage, joins a portfolio of resorts mainly located in California and Hawaii.
Pacifica, which counts 41 hotels including the Residence Inn by Marriott Anaheim Hills Yorba Linda, is aiming to boost the size of its portfolio to 75 hotels over the next decade through a mix of acquisitions and more managed properties, according to President Adam Marquis.
“We are looking beyond California as we’ve grown in capabilities,” EVP Marquis told the Business Journal following the company’s recognition at the journal’s 20th Family-Owned Business Awards in 2019.
Independent Brands
With the Seattle property came a new brand for Pacifica to operate as well.
Called the Hotel Vintage, it has three locations—the other two are in Portland, Ore. and San Francisco.
This brand is under Kimpton Hotels & Restaurants, which was founded in 1983 by Bill Kimpton and operates over 75 boutique hotels total across North America, Europe, Asia and Latin America.
Two of Pacifica’s other independent hotel brands, Wayfarer and The Kinney, are a large part of what its growth plans are centered on.
As of 2022, Pacifica had 1,500 employees and annual revenue of $272 million; a figure it hopes to nearly double in the next 10 years.
Pacifica was created in 1995 as the hospitality arm of Santa Barbara-based Invest West Financial Corp., which Adam and Matt’s father, Dale Marquis, founded in 1970.
The Anaheim Hills’ Residence Inn was the first Orange County property that Pacifica had owned in about five years. It paid $25.5 million, about $200,000 a key, for the Anaheim hotel.
Prior OC hotels under Pacifica’s control include the 36-room Laguna Cliffs Inn in Laguna Beach, which it sold in 2014.
