Following a long pause in travel during the onset of the COVID-19 pandemic, hospitality properties across the Puget Sound have since picked up momentum. In recent months, hotel properties in the Puget Sound have drawn in more guests and have seen an increase in sales volume.
In a recent sale in Lynnwood, Kaylan Hospitality has sold the Hilton Garden Inn for $31.8 million, or about $206,493 per room. According to records filed with Snohomish County, the property was acquired by a joint venture between Olympia-based Palma Investment Co. LLC and HMS Management.
The Hilton Garden Inn is located at 3801 Alderwood Mall Boulevard, just off Interstate 5. As well as its 154 guestrooms, the hotel offers flexible event space totaling 2,150 square feet, four meeting rooms, a business center, pool, fitness center and other amenities. Individually, rooms also come with various amenities and modern, upgraded features, with the largest rooms totaling 1,782 square feet.
Located just off the freeway, the property maintains easy access to Downtown Seattle. The property is also within close proximity to the Lynnwood Convention Center, the Alderwood Mall and various other attractions. The Paine Field Airport is also less than a 15-minute drive from the property.
As the area’s hospitality industry continues to recover, a report from Kidder Mathews suggests increased investments are to be expected over the next several quarters. According to the first quarter 2022 hospitality market report, both room occupancy and room rental rates are up year-over-year. In Lynnwood, occupancy rates have jumped from 43.6 percent in the first quarter of 2021 to 51.6 percent in the first quarter of 2022 on average. Room rates also have seen a substantial increase to $117 per night on average, as opposed to just $91 at the same time last year.