Bellevue’s Residence Inn sold for record $71.8 million
Hotel REIT buys Bellevue hotel that caters to business travelers.
Seattle Times business reporter
A Palm Beach, Fla.-based hotel real estate investment trust said Tuesday it paid $71.8 million for a 231-room Residence Inn by Marriott in Bellevue, apparently setting a record for a hotel sale in Washington state.
Chatham Lodging Trust, which owns interests in 76 hotels across the nation, bought the hotel from MG-Bellevue, which is owned by a real-estate investment fund of Denver-based Miller Global Properties. The sale, which was recorded Tuesday in King County, works out to about $310,822 a room.
John Gordon, a senior vice president at real-estate brokerage Kidder Mathews, said the previous record sale for a hotel in Washington state was Red Lion Hotels’ sale in 2011 of its downtown Seattle hotel for $71 million.
The price-per-room also is one of the highest ever in the state, Gordon said, though doesn’t beat the record of more than $400,000 a room set in 2007 when the Muckleshoot Tribe paid $62.5 million for the Salish Lodge & Spa in Snoqualmie.
The Bellevue hotel that sold Tuesday opened in 2008 and is managed by Island Hospitality Management, which Chatham Lodging said is 90 percent owned by Chatham’s CEO, Jeffrey Fisher. The hotel is on the Interstate 405 corridor.
“We are very excited to acquire one of the highest- rated hotels in the Residence Inn by Marriott system, a superior quality property on an urban, infill site in one of the most desirable West Coast corporate markets,” Fisher said in a statement.
“This hotel aligns perfectly with our strategy of acquiring coastal area hotels where demand is driven primarily by corporate travelers focused in the ever-growing technology, energy or medical sectors.”
Sanjay Bhatt: 206-464-3103 or firstname.lastname@example.org On Twitter @sbhatt