By Jack Stubbs
On Friday, February 8th, a 101-key La Quinta Inn hotel in Lynnwood, Washington, sold for $15.3 million, or approximately $151,458 per room, Snohomish County records show. The buyer was Noor Khalsa Properties LLC based in Lynnwood and the seller was Gigu Inc., an entity affiliated with Young S. Kim also located in Lynnwood. The transaction was recorded on February 14th.
The La Quinta Inn hotel, located at 4300 Alderwood Mall Boulevard adjacent to Interstate-5, is a five-story property that sits on just under two acres, according to public documents. According to the web site for the property, the 101-room La Quinta in Lynnwood offers a mix of King-, King Suite- and Queen-bed sized rooms.
Some of the hotel amenities available to residents include a business center, indoor swimming pool, spa and fitness center, along with free parking.
The property is approximately 1.5 miles east of downtown Lynnwood and nine miles northwest of Bothell. The La Quinta Inn is also located in close proximity to Alderwood Mall and I-405.
There have been a number of hotel sales throughout the Puget Sound region in recent weeks, as investors and developers alike continue to show interest in the region’s hospitality sector.
In early January, a Comfort Inn Hotel in Federal Way, Washington sold for $15 million, or approximately $127,118 per room, with Richard & Partners LLC acquiring the property—located at 31622 Pacific Hwy S.—from Song & Sons Inc. based in Bellevue.
And on January 23rd, New York-based Parkview International spent $59.1 million to acquire the 240-Room Embassy Suites by Hilton-Seattle Hotel in Bellevue from New York-based AWH Partners.
The Embassy Suites hospitality brand was in the news earlier last year, with the company planning to enter the Seattle market with a showcase product. In mid-March 2018, the company announced its plans to open its newest hotel in Seattle’s historic Pioneer Square neighborhood: when it opened in late March 2018, the 282-key hotel became the company’s first urban hotel that took cues from the suite format for which the hotel is known, and occupies a much smaller footprint than a typical Embassy Suites property would.
In other news, in late December 2018, Hyatt Hotels Corporation announced the opening of Hyatt Regency Seattle in the city’s Central Business District, which is officially the largest hotel in the Pacific Northwest. Located at 808 Howell Street in close proximity to the Washington State Convention Center, the iconic Pike Place Market and the Space Needle, the 45-story hotel features 1,260 guest rooms and approximately 103,000 square feet of dynamic meeting and event spaces, as well as a state-of-the-art fitness center.