By Kate Snyder
A Utah-based firm is expanding its holdings in the Seattle area with the purchase of the Charter Hotel & Helios for $107.8 million, or $171,929 per unit, according to public records. The buyer is an entity affiliated with Dynamic City Capital, and the seller is listed as an entity affiliated with Widewaters.
The property includes the 16-story and 229-unit hotel at 1610 Second Ave. and a 39-story mixed use building that includes 398 residential units located at 1600 Second Ave., according to King County public records. The mixed-use property includes just over 4,000 square feet of retail space.
Nearby attractions include the Pike Place Market, Space Needle and Pioneer Square coffee shops and galleries, according to the hotel’s website. Amenities include a sauna, steam room and fitness center as well as an indoor-outdoor rooftop lounge that offers water and skyline views from the 16th floor.
Widewaters is a real estate company with more than 50 years of experience in the development, construction, acquisition and management of retail, hospitality, residential and office/industrial properties across North America, according to the firm’s website. The organization has developed or acquired more than 13 million square feet of real estate assets with a value in excess of $2 billion. Widewaters’ corporate office is in Syracuse, New York, with additional operations in the Charlotte, N.C., and Salt Lake City areas.
Dynamic City Capital is a privately held real estate investment and asset management firm with three decades of experience in hospitality. For much of that time, the firm was part of Lodging Dynamics Hospitality Group, according to the organization’s website. The two companies split in 2018 and now operate as sister companies.
Since 2008, the organization has grown to manage, acquire and develop more than 40 premium-brand hotels. The firm also owns the 234-room AC Hotel by Marriott in Bellevue.
Earlier this year, Dynamic City Capital announced the acquisition of the 230-room Hyatt Place San Francisco Downtown for $105.9 million, or just around $460,434 per room, according to The Registry’s previous reporting. The hotel originally opened in January 2019.