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July 25, 2014

Red Lion puts Bellevue hotel on market

The Seattle Times

Coral Garnick

The Red Lion Hotel sits on six acres along the I-405 corridor and is adjacent to a planned East Link light rail stop at 112 Avenue Southeast and Main Street.

Bellevue's Red Lion Hotel is for sale

The six-acre property along the I-405 corridor is adjacent to a planned East Link light rail stop at 112 Avenue Southeast and Main Street. In selling the hotel, the company thinks it may cash in on what they called "one of the hottest real estate markets in the country."

"Ultimately operations of a sprawling two-story hotel on this site is not the highest and best use of this property," Greg Mount, president and CEO of Red Lion Hotels Corporation, said in a statement.

Mount said he intends to capture the full value of the property and distribute the proceeds toward debt reduction and hotel investment opportunities across the U.S.

Rob Anderson, the listing broker with Kidder Mathews, said the property was listed Thursday, without a price.

"The East Link light rail has made quite an impact with a lot of properties near the planned stations," he said. "There is a huge range of people who are looking at it, and we don't want to limit it to just hotel."

The 319-room Motif Seattle - the former Red Lion Hotel - in downtown Seattle sold in June for $130.7 million, or nearly $410,000 a room.

The Red Lion Hotel Bellevue, on 11211 Main St., was constructed in 1969, has 181 rooms and 5,700 square feet of meeting space.

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