By Kate Snyder
A hotel property in Mukilteo traded hands recently, showing that investors continue to show interest in the area’s hospitality market. The city’s TownePlace Suites by Marriott was sold for $12.3 million, or approximately $95,703 per room, by an entity affiliated with Blackstone’s hotel company, BRE Hotels & Resorts, according to Snohomish County public records. The buyer was an entity affiliated with Himanshu Sarvaiya, president of NSR Hotels, a hospitality management company.
Located at 8521 Mukilteo Speedway, the property is situated on a 4.5-acre parcel of land, according to county records. The 128-room asset consists of eight buildings with 16 rooms each along with a clubhouse and a storage facility. Nearby are a number of restaurants and public parks as well as the Seattle Paine Field International Airport.
BRE Hotels & Resorts is focused on luxury, upper-upscale, extended-stay and select-service hotels, according to the firm’s website. The company traces its roots to Blackstone’s 2004 acquisition of Boca Resorts Inc. BRE’s current platform was established in 2013 with the purchase of a select service portfolio from Apple REIT. The firm’s portfolio includes properties throughout the country.
Blackstone is the world’s largest alternative asset manager, with $1 trillion in assets under management, according to the firm’s website. It has more than 12,600 real estate assets and more than 230 portfolio companies.
Throughout the Puget Sound region, the hospitality market has continued a steady stream of sales transactions recently.
Earlier this year, the 97-room Hotel Arlington was purchased for $13 million, or approximately $134,020 per room, according to The Registry’s previous reporting. 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., Arlington.
In Everett, a La Quinta Inn traded hands for $10.2 million, or approximately $139,726 per room. The buyer was an entity affiliated with Everett-based Harman Investment Group, Inc., and the seller was an entity affiliated with Yi Ya Hoo Enterprise LLC. The La Quinta Inn by Wyndham Everett is located at 12619 Fourth Ave. W.