By Jack Stubbs
On Friday, March 8th, the Woodspring Suites Hotel in Everett, Washington, sold for $16.6 million, or approximately $137,000 per unit, according to public records filed with Snohomish County.
The buyer shares the same address as The Wasatch Group, an integrated real estate development, construction, property management and guaranty capital company based in Logan, UT. The seller was Everett Hotel Holdings LLC, an entity based in Bellevue. The transaction was recorded on March 11th.
The Woodspring Suites Hotel, located at 7707 Broadway in the Pinehurst neighborhood of Everett, contains 200 rooms and sits on 2.7 acres, according to public documents. According to the web site for the property, the extended-stay hotel offers a mix of queen-bed suites that start at $70 per night. The property features a fitness center, self-service laundry and free on-site parking.
The property is roughly four miles south of Everett and fifteen miles north of Bothell, and is also located in close proximity to the soon-to-open Paine Field Airport.
There have been a number of hotel transactions throughout the Puget Sound region since the turn of the year, with several sales in particular catching the eye. In one example in late January, New York-based Parkview International spent $59.1 million to acquire the Embassy Suites by Hilton-Seattle Hotel from AWH Partners, another New York-based real estate investment firm.
Also in late 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 from Song & Sons Inc. based in Bellevue.