Chase is dropping $70 million on a 16,000-square-foot Sapphire Lounge at Seattle-Tacoma International Airport. The Port of Seattle commission votes on the lease September 22. If approved, the space would sit in Concourse A, directly adjacent to Delta's lounge complex — a deliberate play in Delta and Alaska's fortress hub.
This would be the latest addition to a rapidly growing network. Renderings show made-to-order food via QR code, shower suites, family rooms, a signature bar, something called a "Collector's Lounge," and a semi-outdoor terrace. The design follows the elevated-but-homey aesthetic that sets Chase's lounges apart from the competition.
The Lease Math Is Aggressive
$500 per square foot annually. That's $8 million a year in base rent. With 10% bumps in years 6 and 11, the 15-year tab hits $135.6 million in rent alone. Add the $70 million build-out and you're north of $200 million all-in. Chase clearly expects the Reserve's annual fee to keep printing money. They're betting that lounge access remains the single biggest retention lever for a card that otherwise looks increasingly ordinary on paper.
For context: Amex Centurion Lounges average 15,000–20,000 square feet. This slots in right at the lower end of that range. But it's bigger than the Sapphire Lounges at LAX (11,000 sq ft) or PHX (10,000 sq ft). The timeline remains fuzzy — United needs to vacate its current lounge, then The Club needs to move into that space, before Chase can even start demolition. Don't book your Seattle layover around it yet.
What This Means for You
If you hold the Reserve, this is another reason to keep it — eventually. The network is becoming genuinely useful: HKG, LAX, PHX, DEN, BOS, MIA, SFO, and now SEA. That covers most major domestic hubs and a key Asia gateway. The gap is the East Coast — no JFK, no EWR, no IAD, no ATL. Chase needs to solve that before the network feels complete.
If you don't have the Reserve, this changes nothing today. The vote hasn't happened. Construction hasn't started. The terrace doesn't exist. But it's a signal: Chase is willing to spend nine figures on a single airport to keep you paying that annual fee. Whether that's smart business or an arms race they'll regret in a recession is a question for the next decade.
For now, watch the September 22 meeting. If the port commissioners approve, the clock starts. If they don't — well, Chase has walked away from bigger commitments.