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January 14, 2015

Bellevue Red Lion to sell for $35M

Daily Journal of Commerce

Journal Staff

Spokane-based Red Lion Hotels Corp. said it has a deal to sell the hotel at 11211 Main St. in Bellevue for $35.4 million.

A press release from Red Lion said the buyer is an entity related to Wig Properties, a development company based in Bellevue. Wig and Red Lion have a multi-year deal to keep the hotel on the site, and Red Lion will manage it.

The two-story Red Lion was built in 1969, and has 181 rooms and 5,700 square feet of meeting space. The six-acre site along Interstate 405 is near the future East Link light rail station at 112th Avenue Southeast and Main Street.

Jason Rosauer, Gary Guenther and Rob Anderson of Kidder Mathews marketed the hotel for sale. Red Lion put it on the market last July. Red Lion's President and CEO Greg Mount called the property one of the best redevelopment sites on the West Coast because of its proximity to light rail and downtown Bellevue.

The deal is expected to close in February.

Red Lion said it will use $19.4 million from the sale to pay off debt, and spend the rest on national expansion.

Wig Properties has developed or is planning more than 14 million square feet of retail, housing, entertainment and other uses, according to its website.

© 2014 Seattle Daily Journal of Commerce. All rights reserved.

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