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February 08, 2016

Local hotel deals setting records

The Seattle Times

Two hotel sales in 2016 have set records for the Puget Sound region.

In Seattle, Hotel 1000, a 120-room hotel at 1000 First Ave., sold for $83.5 million or about $695,833 per room - the highest per room price for a hotel in the state, said John Gordon, a broker with Kidder Mathews who publishes a report on the hotel market. The buyer, Loews Hotels & Resorts, paid 33 percent more than the previous owners paid in June of 2014.

In a separate deal, Carey Watermark Investors 2, a real estate investment trust, paid $175 million or $455,729 per room for the 384-room Bellevue Marriott at 200 110th Ave. NE. That is the highest total price paid for a hotel property in the region. The hotel, Bellevue's newest, has been open less than a year.

The record-setting deals show that investors are confident in the long-term value of hotels in this region, said Gordon, adding, "The market is really strong and has been strong for three years."

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