Seattle, Wash. (February 26, 2015) - Red Lion Hotel Bellevue, a prime Bellevue development site, has sold for $35.4 million. Kidder Mathews commercial real estate brokers, Jason Rosauer, Gary Guenther, and Rob Anderson, represented Red Lion Hotels Corporation. The buyer is Wig Properties, a local real estate development company.
The five building, two-story hotel is located at 11211 Main Street in Bellevue, Washington, in the heart of the planned East Main light rail station's transit oriented development overlay. It includes over six acres of land with I-405 to the east and the Bellevue CBD to the north.
Built in 1969, the hotel has 181 rooms and 5,700 square feet of meeting space. It was listed by Kidder Mathews in September of last year as one of the most developable sites in the region. "Bellevue is currently a hot market attracting numerous investors locally and worldwide. This is a great opportunity to be involved in the major growth Bellevue is experiencing, which includes a projected increase to the CBD workforce of over 55% by 2030, as well as, a projected increase of residents of over 80% by 2030," said Rosauer.
"This was a great transaction with all parties meeting objectives. Red Lion Hotels is an impressive organization with decisive leadership that operates with the utmost integrity. It was a pleasure to also work with Wig Properties in acquiring this asset, as they share very similar qualities allowing for a smooth transaction," said Rosauer.
About Red Lion Hotels Corporation
Red Lion Hotels Corporation is a hospitality company primarily engaged in the franchising, management, and ownership of midscale and upscale hotels. Established in 1959, the company has more than 50 hotels system wide and also owns and operates an entertainment and event ticket distribution business. For more information, go to www.redlion.com
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 430 real estate professionals and staff in 10 offices in Washington, Oregon, and California. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $3.2 billion in transactions, manages over 30 million square feet of space, and conducts 1,300 appraisals annually. For more information, go to www.kiddermathews.com.