On Thursday, February 1st, the Hawthorne Suites by Wyndham Hotel in Kent sold for $17 million, or approximately $163,461 per room, according to public records filed with King County. The buyer was HSK212 LLC, an entity affiliated with Mark A. Bullock based in Kent. The seller was Lala Salama Hospitality Inc., a Seattle-based hospitality firm. The transaction was recorded on February 2nd.
The Hawthorn Suites sold for approximately twice as much as it did roughly five years ago. Lala Salama Hospitality acquired the the hotel in March 2013 from LNR Property Corporation for $8.68 million, or approximately $57,000 per room, according to a statement by CoStar.
Located at 6329 S 212th St., the hotel, built in 1990, is comprised of 104 rooms and also offers occupants a variety of amenities including free WiFi, parking and shuttle services and airport shuttle, according to the hotel's web site. The hotel also includes a fitness center, business center, outdoor pool and laundry facilities.
The web site also highlights the hotel's location as one of its main assets, less than five miles from the Westfield Southcenter Mall. The airport hotel is less than five miles to SeaTac airport and three miles north of downtown Kent. Additionally, the property is roughly three-and-a-half miles from access to Washington State Route 167 and less than three miles from Washington State Route 181.
The sale of the Hawthorn Suites follows on the heels of an active hotel market in 2017 in the Puget Sound region. During 2017, and excluding national portfolios, resorts and potential tear downs, there were 23 sales of hotels in King, Pierce, and Snohomish Counties at prices exceeding $2 million, according to a fourth quarter hotel market report by Kidder Mathews. With 2,005 guest rooms, the weighted average price per room was $206,906, which was was 10 percent less than the record average of $228,871 observed in 2016, states the report.
The sale price of the Hawthorn Suites is similar to some of the transaction prices posted last year. According to the report, in 2017, three sales closed at prices between $10 million and $20 million. These included the Hampton Inn in Tukwila, the Red Lion Hotel in South Tacoma, and the Comfort Inn & Suites in North Seattle. Additionally, there also were 16 hotel sales priced between $2 million and $10 million.
For the full story, go to The Registry Puget Sound Real Estate.
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