SEATTLE - BankAmerica Corp.'s Seafirst Bank is selling the Pacific Hotel to Plymouth Housing Group, a private, nonprofit developed of low-income housing.
Seafirst acquired the Seattle hotel last September as a repayment of debt
The bank said in a prepared statement that the sale is contingent upon funding from several sources, including federal and state agencies, the city of Seattle, and private bank financing.
Plymouth is to completely refurbish the four-story hotel once funding and financing is obtained. After the renovation, 109 units would be available for low-income people.
The briefs were compiled from staff and wire reports.
