Silver Cloud Inns, a Bellevue-based chain of 10 midsize hotels, has purchased about an acre of land in Port Townsend for a little more than $1 million, but the owner of the hotel chair said he has no plans for developing it now.

“We’re looking into the possibility of doing something there. I bought it for kind of a longer term investment,” Jim Weymouth told the Peninsula Daily News. The parcel is on the Port Townsend waterfront just south of the Tides Inn on the southern link of Water Street, formerly used as state ferry overflow parking.

Development could include a hotel and restaurant or condominiums.

“I think that area could take some rooms,” Weymouth said of the Port Townsend area, but he stopped short of speculating how many rooms could be built there.

Weymouth, who has worked in the lodging industry for 30 years, said given the existing condominium glut in Port Townsend, it was less likely condos would be developed.

Weymouth told the Port Angeles newspaper that he was visiting Port Townsend last fall and learned more about the site.

“We look all over. We’re always looking” for building sites, he said.

Silver Cloud has hotels in Seattle, Bellevue, Redmond, Mukilteo, Tacoma and Portland.