Tulalip Tribes Commercial Real Estate Ventures Flourish Despite Recession
Tulalip Tribes continue to experience success in their commercial real estate ventures and casino despite the recession according to economic tribal chairman Mel Sheldon’s annual State of the Tribes address to the Greater Marysville Tulalip Chamber of Commerce on April 29.
Tulalip Enterprises’ annual payroll is about $120 million, Sheldon said. The Tulalip Casino employs 2,577 people, with another 1,500 workers at the Seattle Premium Outlets and 170 at the stores around Quil Ceda Village.
The outlet mall is due for an expansion this year, he said.
Occupancy rates at the Tulalip Resort Hotel have exceeded Seattle-area hotel occupancy rates on weekdays, and the hotel is usually fully booked on weekends, Sheldon said.
Sheldon also announced that the Tulalip Tribes were in the early stages of negotiating for another commercial development that will occupy the vacant lot between Home Depot and the Tulalip Resort Hotel. The tribes’ success in commercial real estate ventures such as the Tulalip Resort Hotel could be a sign that there is light at the end of the tunnel for similar ventures. Commercial real estate has taken a serious beating during this recession, with many commercial real estate developers filing bankruptcy or facing foreclosure. The rise in Tulalip’s hotel occupancy rates could be a sign that the recession may be beginning to ease.
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