In the News
February 08, 2016
Local hotel deals setting records
The Seattle Times
Back to top
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."