Davenport Hotels sell for $200 million
When private equity firm KSL Capital Partners announced it was purchasing Spokane’s Davenport hotels earlier this month, no sale price was disclosed. But county records show the properties went for about twice their appraised value.
Altogether, the hotels and a parking garage sold for about $200 hundred million. The sale of the five Davenport Hotels, which were owned by Walt and Karen Worthy, closed last week, according to Spokane County records.
The hotel that sold for the most out of the collection was the Davenport Grand, which sold for $78.1 million. The Historic Davenport sold for about $45.2 million according to figure's from the assessor's office.
Spokane County Assessor Tom Konis says during the pandemic, the Davenport hotels assessed value dropped by about 25 %, down to around 100 million dollars. He says that was a trend reflected in most hospitality, and some commercial real estate. In some cases, like the Davenport, that drop was followed by a private equity purchase.
The Historic Davenport, the first the Worthys purchased and restored, is over a hundred years old, and was nearly demolished in the 1980s. It has been open in its current form since 2002.
KSL Capital Partners says it intends to keep the Davenport name and brand, its leadership, and its historic character.