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UNITE HERE: Investor Alert – Hotel Strike Next to World Cup Stadium at Embassy Suites Seattle Pioneer Square

original Striking hotel workers picket in front of the Embassy Suites Seattle Pioneer Square.

Striking hotel workers picket in front of the Embassy Suites Seattle Pioneer Square.

SEATTLE--(BUSINESS WIRE)--Workers at the Embassy Suites Seattle Pioneer Square are on strike during the FIFA World Cup. The hotel is located adjacent to Seattle Stadium (Lumen Field), where six world cup matches are played. Embassy Suites employees are represented by UNITE HERE Local 8, an affiliate of UNITE HERE International Union, the largest hotel workers’ union in North America.

The hotel is managed by Hilton and owned by Steinhauer Properties (255 South King Street LP). Mortgage lending is provided by private credit lender PCCP (PCCP Credit X Reit-Sub Holdco MS Seller, LLC) in the original maximum principal sum of $122,700,000.

In 2024, strikes by UNITE HERE members at hotels owned by Park Hotels & Resorts in Honolulu, Boston and Seattle (Doubletree Seattle Airport and Hilton Seattle Airport) were shown to have a significant impact on the company’s bottom line.

In a November 11, 2024 press release1, Park stated:

“The Company's preliminary October 2024 Comparable RevPAR is expected to be 1.3% lower compared to October 2023. Excluding Park's four hotels impacted by labor activity, preliminary October 2024 Comparable RevPAR would have improved by approximately 480 basis points to an increase of 3.5% compared to October 2023.”

According to Park, $30 million in losses were attributable to labor disruptions as well as Hurricanes Helene and Milton.

“Includes approximately $30 million of Hotel Adjusted EBITDA disruption related to Hurricanes Helene and Milton and labor activity across all four of Park's impacted hotels in the fourth quarter of 2024.

1 https://www.pkhotelsandresorts.com/~/media/Files/P/Park-Hotels/reports-and-presentations/press-release-guidance-11-10-24.pdf

Contacts

For more information, please contact Stefan Moritz (stefan@8.unitehere.org)

Industry:

UNITE HERE

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English

Contacts

For more information, please contact Stefan Moritz (stefan@8.unitehere.org)

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