Seattle Four Seasons Project Faces Massive Liens
More woes for the Four Seasons Hotel and Private Residences in downtown Seattle. The Seattle Times reports that the project is now facing a total of $34 million in liens filed by contractors. The $120 million Four Seasons opened in Fall 2008 but as we mentioned last summer the project, which houses some of Seattle's most expensive condo units, has been a bit of a slow seller. There are 36 condos spread out over 11 stories above the 10-story Four Seasons Hotel.
A lien for $23.7 million, was filed in August by Lease Crutcher Lewis, the project's general contractor. Other liens have been filed by subcontractors who weren't paid by Lease Crutcher Lewis. Rumor has it that the project has been experiencing some financial pressures. Overall hotel revenues in Seattle have been down. A quick spin through the MLS shows a two-bedroom condo at the project listed at $6.306 million.
The hotel remains open for business as usual. Lien judgments can result in foreclosure but often liens like this are satisfied before things go to far. Of course in the past year we've also seen things go the other way, with several posh properties being returned to their lenders.