It looks like the William Tell Hotel (of Belltown's famed film history) will have a second shot of life as a youth hostel;
from StroupeCondoBlog - Gibraltar bought the property several months ago for $3.1 million from Plymouth, and plans are to now convert the building to a youth hostel. Plymouth earlier reported that the repairs needed just wouldn’t be worth the investment and are using the money to help pay for a newer, larger building on 1st and Cedar.
I think this will be a great addition to the neighborhood and an awesome use for a building which has so much historical value to Belltown. It looks like Buckley's and the new youth hostel will serve as long term reminders of Belltown's film glory days.