Muckleshoots pay $62.5 million for Salish
October 2, 2008 · Updated 9:28 AM
How much is the Salish Lodge & Spa worth? The Muckleshoot Indian Tribe paid $62.5 million to buy the lodge, gift shop and more than 50 acres of vacant land and parking across the street, according to county documents.
The lodge last sold for $13.35 million in 1996 when Gateway Cascades purchased it from Puget Western. Gateway, a holding company for the Los Angeles County Employees Retirement Association, also bought 28.6 acres of the vacant parcel in 1996 for $500,000, according to county records.
The County Assessor's Office appraised the lodge and the six total parcels at $16.9 million for 2008 tax purposes. The Salish Lodge, consistently ranked among the world's top hotels, has 89 luxury guest rooms, four suites, a restaurant, meeting room, lounge and spa.
The Muckleshoots signed a 20-year management agreement with Columbia Hospitality, a Seattle-based luxury hotel and resort management company, to manage the Salish.
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