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Home » Local entity buys Ridpath's top two floors from hotelier

Local entity buys Ridpath's top two floors from hotelier

Restaurant, condominium uses weighed; others look at revamping entire hotel

October 23, 2008
Mike McLean

A Spokane real estate investment company, Poachers Rock LLC, has bought the top two floors of the shuttered historic Ridpath Hotel tower, says an agent involved in the transaction.

The agent, Grant Person, of NAI Black, says Poachers Rock is mulling several concepts for uses that might help it market the roughly 15,000 square feet of combined floor space on the 12th and 13th floors of the hotel at 515 W. Sprague.

One concept involves opening a top-floor restaurant where the former Ankeny's Rooftop Restaurant previously was located, "and having something affiliated with the restaurant on part or all of the floor below," Person says. Another possibility is to convert the space into residential condominium, he says.

"A lot of uses could be applied there because of its strategic location downtown and its height," Person says, adding that the investors haven't firmed up a plans for when they intend to lease the space.

"A couple of out-of-town hotel developers are looking at a total revamp of the Ridpath and bringing back a new concept for a hotel," he says, adding, "The concepts may possibly include the 12th and 13th floors."

Washvada Investments LLC, still owns the bulk of the Ridpath Hotel tower, and at least two other developers are interested in acquiring some or all of it, Persons says.

Person declines to disclose the terms of the transaction between Poachers Rock and the seller, Washvada. Washvada is managed by Las Vegas hotelier Douglas Da Silva, who bought the roughly 200-room hotel in 2006. Da Silva was unavailable for comment as was Greg Jeffries, of Spokane, a principal in Poachers Rock.

In April, Poachers Rock bought the five-floor, 31,000-square-foot Ridpath Hotel annex, at 502 W. First, east of the hotel tower, from Washvada for $2.3 million. Since then, it has put the upper three floors of that space up for sale, says Mark McLees, of NAI Black, who handled that transaction. Poachers Rock also plans to lease or sell 12,500 square feet of space in the ground floor and basement of the annex to up to four retail tenants, he says.

The Ridpath Hotel closed Aug. 18. The only business operating in the main hotel building now is Envy Ultra Lounge, which owns 5,800 square feet of floor space on the ground floor, Person says.

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