It’s been at least seven years in the making, but the vision of the New Redmond Hotel will soon be realized. Over the years, the hotel on the corner of Sixth and Evergreen streets has sat underused, undervalued and, at times, a vacant eyesore.
But come next month, Alpha Wave Investors LLC will open the rooftop bar and in two months the 49-room hotel below it.
Guests will soak up the mountain views from the sectional couches on the rooftop as they sip cocktails from the bar on top of the tallest building in Redmond.
The hotel is operated by Soul Community Planet, a subsidiary company of Alpha Wave, a private equity firm, said Bill Tremper, a founding partner and chief operating officer.
“We’ve been thoughtful about our renovations,” Tremper said. “The hotel (rooms) were vacant for a long time. It’s the cornerstone of the city’s revitalization and we love that.
“For us it’s all about bringing in new energy and creating a gathering zone that will bring people together to come and stay.”
Room rates will range from $125 a night to $225 depending on the size and season. The rooms are not standard, he said. Some are two-bedroom with a seating area; others are traditional one-room units. But every room is different, Tremper said.
Redmond’s urban renewal agency invested more than $3.5 million in the project, upping its initial investment from $670,000. The city loaned the developer $2.75 million, provided the property remains as a hotel for 30 years. An additional $830,000 was loaned to the developer at a low interest rate through the city’s urban renewal agency.
“The revitalization of the historic Redmond hotel will be a catalytic asset to Redmond’s downtown, providing a new restaurant and hospitality option — unlike any other — for both the local community and out of town visitors,” said Jon Stark, senior director of Redmond Economic Development Inc.
After touring the property last week, city officials deemed the improvements phenomenal.
“We are proud that this hotel, which is so important to our heritage, will now reopen its doors, and welcome generations to come,” said Redmond Mayor George Endicott. “It’s proof positive that the partnership with Alpha Wave is well worth our investment.”
Renovation work included removal of the vestibule, shrinking the original front desk counter, adding a multipurpose workout space, a coworking space and a bistro where a State Farm office had been located.
“The building has great bones, that’s the beauty of this,” Tremper said. “The new infrastructure added to the costs.”
To preserve the building’s unique charm, the developers left in place 21 doors that lead to nowhere along the three floors. The doors may have led to communal bathrooms or to rooms that have been reconfigured, Tremper said.
Renovations include fire prevention sprinklers, electrical wiring, new water pipes, and restoration of the original hardwood floors in the lobby and guest rooms, he said.
Where the original was rotten, it was replaced, he said.
Alpha Wave seeks projects like the Redmond hotel. The company did the same kind of work at its hotel in Colorado Springs, Tremper said.
“This is not meant to be a luxury hotel,” Tremper said. “But it’s not your normal chain hotel off an exit of the freeway. We wanted to be something you can’t find at every exit.”
— Reporter: 541-633-2117, email@example.com