LaSalle Sells Seattle Hotel for $55M
- Feb 03, 2017
Seattle—LaSalle Hotel Properties has sold Hotel Deca, a 158-key and three-suite art-deco architecture and contemporary hotel, for $55 million, to an affiliate of AJ Capital Partners. In December 2005, the company acquired the hotel for $26.4 million.
“Hotel Deca was an excellent long term investment for us, generating an unleveraged IRR of 12.3 percent and an average cash-on-cash yield of 8.8 percent over 11 years,” Michael Barnello, president & CEO of LaSalle Hotel Properties, said in a statement.
Located at 4507 NE Brooklyn Ave., Hotel Deca first opened its doors in 1931 and at the time was the Pacific Northwest’s largest suburb hotel. Amenities include a fitness center, as well as the Burke Gilman Trail, a 27-mile of recreational trail for walkers, runners, cyclists, skater and commuters, free Wi-Fi, in-room coffee makers, fireplace and conference rooms. Additionally, the hotel offers more than 5,500 square feet of flexible meeting and exhibit space including the Grand Ballroom that features 18-inches ceilings, hand-blown chandeliers and state-of-the-art audio/visual systems.
Image via Google Street View