Prime Location Marriott Bought by Carey Watermark Investors 2
- Jan 26, 2016
By Bogdan Odagescu, Associate Editor
Bellevue, Wash.—Lodging-oriented real estate investment trust Carey Watermark Investors 2 Inc. (CWI 2) recently announced the acquisition of the Seattle Marriott Bellevue hotel for an undisclosed amount. According to the Puget Sound Business Journal, CWI 2 acquired the asset from seller WPPI Bellevue MFS Limited Liability Co. The online news outlet reports that the King County Assessor’s Office values the asset at nearly $75 million.
The hotel remains part of the Marriott International family and will continue to be managed by upper-upscale operator HEI Hotels & Resorts.
In a booming submarket that is home to giants like Expedia or Amazon, Carey Watermark’s latest addition is the only full-service Marriott in Bellevue. The hospitality industry and the high-tech sector go hand-in-hand around the greater Seattle area, as RevPAR figures have been experiencing continuous growth. This is in part due to hotels neighboring the large Class A offices of companies like T-Mobile, Verizon, and Microsoft.
The newly developed hotel opened in July 2015 and has a capacity of 384 guestrooms across 17 stories. Amenities include a fitness center, an indoor pool, a business center, an upscale concierge lounge, the Amuse Restaurant & Bar, free WiFi in public areas, and a total of 21,000 square feet dedicated to events and meetings.
Conveniently situated close to Interstate 405, the Seattle Marriott Bellevue is a short and direct 12-mile ride from the Seattle-Tacoma Airport and a 15-minute ride from Seattle’s central business district. Nested in the heart of downtown, it boasts short walking distances from the Bellevue City Hall and the Bellevue Square Shopping Center.
“The opportunity to acquire a recently developed, high-quality urban asset in the Pacific Northwest is a unique opportunity to expand our portfolio into a vibrant growing market…The acquisition allows us to invest in an attractive location in one of the fastest growing regions of the country, while providing CWI 2 the opportunity to geographically diversify its portfolio with an acquisition in the Pacific Northwest,” concludes Michael Medzigian, chief executive officer of CWI 2.
Photo courtesy of Carey Watermark Investors 2 Inc.