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January 24, 2017

LaSalle sells U District Hotel Deca for $44.6M

Journal staff reporter

Image courtesy Wikimedia Commons [enlarge]
The 158-room Hotel Deca is joining Graduate Hotels, which is a chain of college-town hotels.

The University District's iconic Hotel Deca at 4507 Brooklyn Ave. N.E. has sold for $44.6 million, according to King County records.

The seller was LHO Badlands LLC, an entity of LaSalle Hotel Properties, which acquired the property in 2005 for $25.8 million.

The buyer was Graduate Seattle Owner LLC, which is associated with Graduate Hotels, a division of Chicago-based AJ Capital Partners.

According to its website, the three-year-old Graduate Hotels is a chain with six hotels in college towns, and five hotel acquisitions in the pipeline. AJ Capital specializes in hotel and resort development.

LaSalle's website says the Deca has 158 rooms and 5,500 square feet of meeting space. It was renovated in 2013 and is managed by Noble House Hotels and Resorts.

The hotel is at the corner of Brooklyn and Northeast 45th Street. It has a bar and restaurant called The District Lounge, as well as a ground-floor coffee shop and a roof deck.

It opened in 1931 as the Edmond Meany Hotel.

The 16-story art deco structure is one of the tallest and most recognizable buildings in the U District. It is also just north across 45th from the light-rail station scheduled to open in 2021.

The sale also includes two small parking lots near the main 34,000-square-foot site, which also has ample surface parking.

Brokers weren't announced.