LaSalle Hotel Properties purchases the Alexis Hotel

The Alexis Hotel in downtown Seattle has been acquired by LaSalle Hotel Properties for $38 million but will continue to be managed by the Kimpton Hotel & Restaurant Group.

A complete $5.5 million renovation is in store for the hotel, said Hans Weger, chief financial officer for LaSalle. The new look will debut in about a year.

The upscale, 109-room hotel on First Avenue includes 19,000 square feet of retail space, which will continue to be leased to its third-party tenants. It currently features boutiques, a restaurant and bar, an art gallery that showcases local artists and a full-service spa.

Property records show the seller was an investor group doing business as First Madison.

LaSalle, a national hotel company, owns one other property in the area, the University Tower Hotel in the University District.

Weger said LaSalle purchased its second local hotel because of its confidence in the Seattle market.

"It's a dynamic, 24-hour market," he said. "We think that it's growing."