The vibrant and expanding economy of the Seattle area combined with limited availability of prime, institutional-grade hotel assets allowed the Seller to realize premium pricing on this still pre-stabilized hotel.
"We were able to achieve the Seller's primary goals of capitalizing on opportunistic timing and pricing influences, while maintaining a highly discreet transactional environment," said Michael Mohn, Vice President, Kennedy & Mohn, P.S.
The Homewood Suites is the first hotel acquisition by RLJ Lodging Trust in the greater Seattle area and only its second hotel in the Pacific Northwest. RLJ currently owns 126 hotels with approximately 20,800 rooms and two planned hotel conversions, located in 22 states and the District of Columbia.
The Homewood Suites opened in May 2014 and is located in Lynnwood, Washington, a suburban community 20-miles north of downtown Seattle. The hotel is uniquely positioned, close to major retail outlets, Boeing-anchored aerospace activities, and a variety of biotech and technology firms in south Snohomish County.
More information: http://HotelRealtyNW.com/.
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