(EDITOR’S NOTE: According to public documents, the transaction closed for $17 million at 9 percent cap rate, or $111,111 per room. The buyer was West Valley Hospitality, LLC, which is associated Chris Burdett, CBRE Seattle’s senior vice president of its hotel investment properties group. Burdett is the general partner and asset manager, while Monroe, LA-based InterMountain Management is the management company. The seller was an entity associated with Jeffrey Eberle.”)
BEVERLY HILLS, Calif., Nov. 07, 2017 – Real estate investment banking firm Sonnenblick-Eichner Company arranged the sale of the 153-room Hampton Inn Southcenter in Seattle, WA in an all-cash transaction.
The property was sold to a Pacific Northwest-based investor and represents the last property in a portfolio of hotels that were financed and sold by Sonnenblick-Eichner Company over a 20-year period for this client.
The Hampton Inn Seattle Southcenter is located four miles east of Seattle-Tacoma International Airport. Due to its close proximity to several major corporations, the hotel benefits from numerous corporate accounts including Boeing, American Express Travel, and Home Depot. The hotel is served by Interstates 405 and 5, providing direct access into downtown Seattle.
“This is an irreplaceable asset in a strong hotel market that continues to attract both business and leisure travelers,” said Sonnenblick-Eichner’s co-founder and principal, Elliot Eichner.
“This is the third hotel sale that Sonnenblick-Eichner Company represented the seller. The other hotels include the Dream Inn, Santa Cruz, California, and the Dupont Plaza Hotel in Washington, D.C.,” added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial, and multifamily properties.