Equity firm acquires historic Spokane hotel

KSL Capital Partners LLC, a Denver-based private equity firm, has reached a deal to purchase a collection of Spokane area hotels that includes The Historic Davenport, an iconic landmark built in 1914. 

Terms of the deal, expected to close in January, were not disclosed. 

Davenport Hotels is a privately-held company owned by Karen and Walt Worthy and also includes five luxury, convention, business and leisure hotels, assembled over the past two decades in the Spokane area. KSL specializes in travel and leisure enterprises. Since 2005, it has raised about $15 billion in capital across both debt and equity funds.

In Washington state, it is an investor in the Crystal Mountain Resort and in CitizenM, a Seattle hotel.

Upon completion of the sale, Davenport Hotels will operate under the continued leadership of Lynnelle Caudill, managing director of Davenport Hotels since 2002. The Worthys plan to retire.

Davidson Hospitality Group, a full-service hospitality management company, will manage the properties in partnership with Caudill and her team.

Davenport Hotels includes The Historic Davenport, which is listed on the National Register of Historic Places, The Davenport Tower, The Davenport Lusso, The Centennial and The Davenport Grand Hotel.

The properties form a mix of new and historic hotels, all in downtown Spokane. Together, they range from boutique to full size, classic to contemporary, offering a total of 1,787 guest rooms.

KSL also owns the Grand Hotel on Mackinac Island, Michigan, La Costa Resort and Spa in Carlsbad, California, and The Homestead in Hot Springs, Virginia.

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