Seattle’s $15 Minimum Wage Will Do What?

shortlink:

Via the Horses Ass:

http://horsesass.org/15-minimum-wage-blowback-seattle-hotels-sell-for-record-price/

Remember how opponents warned that a $15 minimum wage would surely cost the city thousands of jobs, hurting the exact same low-wage workers the ordinance was intended to help? Well, in Seattle’s booming hospitality industry, not so much:

The former Red Lion Hotel in downtown Seattle sold Thursday for $130.7 million, or nearly $410,000 a room, the highest price ever paid in the metro area, according to hotel experts.

But the record price for the 319-room hotel, now known as Motif Seattle, could quickly be surpassed by the pending sale of the 120-room Hotel 1000: Two groups are buying it for $63 million or about $525,000 a room, according to a report this week in The Wall Street Journal, which didn’t identify its sources.

“It is the highest price paid (per key) ever for a hotel in Washington state,” said Chris Burdett, senior vice president of CBRE Hotels in Seattle, which was not involved in the transaction.

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