Home Finance 125-Room Ramada by Wyndham Hotel in Kent Sells for $12.6MM

125-Room Ramada by Wyndham Hotel in Kent Sells for $12.6MM

Seattle, Ramada by Wyndham, Kent, King County, Bellevue, downtown Seattle, Che Investments LLC, Aju Hotels and Resorts, South Korea
Image courtesy of www.wyndhamhotels.com

By Jack Stubbs

On Thursday, September 13th, the Ramada by Wyndham hotel in Kent sold for $12.6 million, or approximately $100,800 per unit, according to public records filed with King County. The buyer was Jeff & Young Hospitality Inc., a company based in Denver, Colorado. The seller was Richard & Partners LLC, an entity affiliated with Moon Hyung Kim based in Kent. The transaction was recorded on September 14th.

The Ramada by Wyndham hotel, located at 22318 84th Ave. S., offers a variety of amenities to guests including a 24-hour reception desk, business center, event planning services, fitness center and an outdoor pool, according to the property’s web site. The hotel also features four meeting rooms—comprising 3,180 square feet of event space—which can be arranged to accommodate 140 conference guests.

The web site also emphasizes the hotel’s location just seven miles from Sea-Tac International Airport. The property is also approximately two miles north of downtown Kent, and about six miles south of Renton and less than half a mile from access to Washington State Route 167.

There have been a number of hotel sales recorded throughout the Puget Sound region in recent months. In mid-March 2018, Seaview Hotel Investment LLC acquired the 105-room Sleep Inn SeaTac Airport Hotel located at 20406 International Blvd. in Kent for $17.6 million, or approximately $167,620 per room, from Che Investments LLC.

Further north, in early March South Korea-based Aju Hotels and Resorts purchased the 234-Room Marriott AC Hotel in Downtown Bellevue for $87 million, or roughly $371,795 per room, from Indiana-based White/Peterman Properties Inc. More recently on August 30th, GEM Real Estate Partners spent $42 million, or about $433,000 per key, to acquire the 97-room Kimpton Palladian Hotel in downtown Seattle.