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September 04, 2014

Real Estate Buzz -- Bellevue Red Lion buyer is 'patient'

Daily Journal of Commerce

Nat Levy

Jason Rosauer of Kidder Mathews said he has a buyer for Bellevue's Red Lion Hotel at 11211 Main St.

Rosauer wouldn't name the buyer, but he described it as "patient capital" that will keep a hotel on site for the foreseeable future. No development plans have been filed for the site, according to permit records.

The buyer has signed a letter of intent, Rosauer said, after being chosen from a field of 16 potential buyers.

The two-story Red Lion was built in 1969, and has 181 rooms and 5,700 square feet of meeting space. The site is near a future Sound Transit East Link light rail station at 112th Avenue Southeast and Main Street.

Rosauer is marketing the site with Rob Anderson and Gary Guenther of Kidder Mathews.

When Spokane-based Red Lion offered the property for sale the company said it was willing to continue running the hotel.

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