The Red Lion Hotel Bellevue is on the market, with broker Kidder Mathews highlighting the listing as a transit-oriented development opportunity, but prospective buyers may want to hold off until a zoning recommendation is provided by an East Main Station Citizens Advisory Committee.
The two-story hotel boasts 181 rooms and 5,700 square feet of meeting space at 11211 Main St., and is listed by Kidder Mathews as one of the "most developable sites in the region." It was constructed in 1969.
"This hotel has successfully contributed to our company under an excellent management team, but ultimately operation of a sprawling two-story hotel on this site is not the highest and best use of this property, which is among the most desirable redevelopment sites on the West Coast, said Greg Mount, president and CEO of Red Lion Hotels Corporation in a statement. "We intend to capture the full value of this property and redeploy the proceeds toward debt reduction and hotel investment opportunities in the key markets we are targeting across the U.S. to provide the best return for our shareholders. We are certainly exploring the Seattle/Bellevue area for hotel conversion and joint venture opportunities as the Northwest remains a critical region for the company."
The property's listing follows the conclusion of applications for a citizens advisory committee that will consider what, if any, transit-oriented development is desired east of 112th Avenue Northeast, with the Red Lion Hotel Bellevue located across from where an East Main light rail station will be constructed as part of Sound Transit's East Link extension. Transit-oriented development will not occur west of 112th, as the city wants to preserve neighborhoods there.
East Main Station area planning members could start meeting as soon as September, said Kate March, the city's East Link community outreach and community relations lead for the transportation department, and expect to draft recommendations over the course of a year. Those participating on the CAC are residents and businesses within the East Main Station area.
"Although the council has directed staff to study TOD potential on the east side of 112th, it's up to the CAC to determine the best fit for the community," March said. "It's really in their hands to make the recommendation."
Parties interested in the property site can call (206) 296-9600 or log onto www.bellevuelandsite.com. The property is being listed without an asking price, and RLHC is willing to continue hotel operations following a sale while the future owner explores redevelopment opportunities.
Learn more about station area planning at www.ci.bellevue.wa.us/light-rail-station-areas.htm.