By Kate Snyder
With the listing of a hotel in Bellevue, the Puget Sound region’s hospitality market could soon see more sales activity. The Quality Inn has hit the market with an asking price of $14.5 million, or approximately $136,792 per room, according to a marketing brochure from the Bowman Post Group of NewGen Advisory, a brokerage firm that specializes in hospitality assets. NewGen’s Kyle Schumacher, associate, and Tim Post, executive vice president, are the brokers for the property.
Located at 3241 156th Ave SE, the 106-room hotel is positioned off Interstate 90, just 10 miles east of Seattle. Nearby businesses include a car dealership, restaurants and other hotels. The building totals about 28,910 square feet. The structure most recently traded hands in 2015 for $11.4 million, King County property records show, and the buyer was a private investor.
The brochure shows that the property had a $2.5 million revenue in 2022 and is posting a $2.4 million trailing 12-month revenue.
The Puget Sound region’s hospitality market has seen a lot of sales activity in the recent past.
The Hotel Thea, part of the hotel brand Ascend Collection, traded hands for $13.9 million, or approximately $105,303 per room, according to previous reporting from The Registry. The seller was an entity affiliated with Ganesh Sonpatki, a hotelier based in Portland, and the buyer was an entity affiliated with Tacoma 134, LLC. Located at 7414 S Hosmer St., the building has 132 rooms and totals approximately 65,010 square feet. The seller previously purchased the asset in 2017 for $8.1 million, or about $61,363 per room.
Earlier this month in Arlington, the 97-room Hotel Arlington was purchased for $13 million, or approximately $134,020 per room. The sellers were Jae Eun So and Jum Sook So, a couple from Marysville, and the buyer was an entity affiliated with CMJ66 Corp., which is associated with Byong Yu, Chae Kun Kim, Jeannie L. So and Mia L. Kim. The property is located at 16710 Smokey Point Blvd.
