Clearview Hotel Capital buys the Residence Inn by Marriott Seattle East Redmond from Blackstone for $34 million, according to reports. Blackstone paid $49.3 million for the property in August 2014. JLL Hotels & Hospitality Group secured acquisition financing for the property, a 180-room hotel. JLL secured a five-year, fixed-rate loan through a low-cost, life insurance-based lending group offering highly favorable financing terms.
The Residence Inn Seattle East Redmond caters to the needs of corporate travelers who choose to stay near Redmond's many corporate campuses. Each suite includes full kitchens, refrigerators, microwaves, dishwashers, stovetops and spacious living areas. Guests can also enjoy a range of onsite amenities and services, including complimentary Wi-Fi, an outdoor pool, a 600-square-foot meeting space, a fitness center, digital check-in and a grab-and-go market.
The Redmond area offers guests more than 120 stores, 20 restaurants, fitness studios and convenient healthcare amenities. Redmond also benefits from its close proximity to affluent districts like Sammamish and Bellevue. Additionally, the community is a hub for technology, aerospace and logistics companies, with Microsoft, Amazon, Meta, UPS, Nintendo and Honeywell all having established campuses in the area.
The JLL Debt Advisory team was led by Managing Director Mike Huth and Director Shalin Patel, with support from Senior Analyst James Bermingham.
“The hotel is one of the few premium-branded, extended-stay assets in Redmond and is also uniquely situated within the context of Redmond Town Center, enabling it to retain lasting competitive differentiation in this submarket,” said Huth in a statement.