By Kate Snyder
Another hotel transaction was recorded in Tacoma, proving that investors are still interested in the city’s hospitality market. The 155-room La Quinta Inn & Suites by Wyndham Tacoma traded hands for $19 million, or approximately $122,580 per room, according to Pierce County public records. The buyer was an entity affiliated with HSR Hotel Group LLC, and the seller was Cavalier St Aggregate Propco LP, which shares an address with Highgate, a hotel management, investment and development firm.
The property is located at 1425 E 27th St. The 91,468 square foot building was constructed in 1985 and sits on just over three acres, according to property records. Nearby attractions include the Tacoma Dome, Museum of Glass, LeMay – America’s Car Museum and the Washington State History Museum as well as multiple restaurants and greater downtown Tacoma. Hotel amenities feature a business center, meeting spaces and a full-service restaurant, according to the property’s website.
Tacoma saw another hotel deal recently.
Earlier this year, an American Lodge motel was purchased for $11.5 million, or approximately $80,985 per room, by an entity affiliated with Sage Investment Group. The seller was an entity affiliated with Tacoma 142 IPM, LLC, which is based in Seattle. The property is located at 8702 S Hosmer St. on 3.2 acres and totals about 44,467 square feet. According to Redfin, the property was in the process of being permitted for a change of use to residential space.
Headquartered in New York City, Highgate has a portfolio of hotels across North America, the Caribbean, Latin America and Europe, according to the firm’s website. The company has more than 500 properties that consist of more than 84,000 owned and/or managed hotel rooms. Its total revenue under management is more than $5 billion, which equates to an aggregate real estate value of more than $15 billion.
The firm recently sold another hotel, the La Quinta by Wyndham Hotel in South San Francisco for $31 million, or approximately $182,352 per room. The buyer in that transaction was an entity affiliated with Laxmi Hospitality LLC.