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November 21, 2024

CBRE finds funding for Uptown hotel

CBRE announced this week a $27 million refinancing package for the Hampton Inn & Suites extended-stay in Uptown. Leading the team were James Bach, Connor Lemley, Regina Wang and Griffin Walker. The 199-room project was developed in 1996 by family-run Puget Sound Hospitality, which continues to own and operate the midrise hotel located a few steps from Seattle Center. CBRE's Wang said in a statement, “The success of this process highlights the resurgence of competitive capital sources for hospitality assets, which have not been a priority for lenders since 2020. The property's strong post-renovation performance, excellent location and timing for refinance all helped us secure an excellent, sub-6% rate for our client from a correspondent life company lender.” Public records show Jackson National Life Insurance to be the lender. CBRE's in-house hotel analysts say that Seattle was fifth on the U.S. occupancy list last year, at over 80%, compared to the national average of just over 70%.




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