June 3, 2016
SpringHill Suites in SLU has been sold for $74M
SpringHill Suites Seattle by Marriott Downtown/South Lake Union sold for $74.1 million. The 234-room hotel is at 1800 Yale Ave.
Moody National REIT II of Dallas bought it from a group of 29 owners. Chris Burdett and Matthew Behrens of CBRE Hotels represented the sellers.
”Although the process took almost two years, we are pleased to close such a complex transaction representing so many different ownership interests,” Burdett said in a statement. “The tenant-in-common structure presented a variety of challenges throughout the sale process, but we were able to solicit a number of qualified buyers and closed above our price guidance, giving each member a strong return.”
The 10-story, all-suites hotel was built in 2001. CBRE said the new owner plans to renovate the rooms later this year.
The buyer is an affiliate of Moody National Cos., which has development, mortgage, realty, management, title and insurance divisions. Moody National was founded in 1996, and has managed more than $2 billion in commercial real estate.