By Kate Snyder
The Puget Sound region’s hospitality market continues to attract attention with the recent sale of a vacant property in Renton. According to King County public records, the Red Lion Hotel traded for $36.2 million, or about $161,607 per room. The buyer was King County, and the seller was an entity affiliated with Dayabir Bath and Renton Hotel Investors LLC.
Located at 1 S Grady Way, the property site spans about 5.16 acres on the southwest end of the city. The 224-room structure totals approximately 61,200 square feet and stands six stories tall, according to public records. It was built in 1965. According to industry reports, the property was previously leased by the County and used as a homeless shelter but has been vacant for some time.
The County has been involved in other sales transactions throughout the Puget Sound region.
Last year, King County purchased an apartment complex in Seattle’s Capitol Hill neighborhood for $11.6 million, or approximately $322,222 per unit, according to previous reporting from The Registry. The seller was an entity affiliated with Prescott Building LLC. The property is located at 1010 E Republican St. and sits on 0.07 acres. It consists of one four-story building with 37 units.
In 2022, the County spent $28.7 million on a La Quinta Inn in Kirkland. The seller was an entity affiliated with CorePoint Lodging. The property is located at 10530 Northup Way and is known as the La Quinta by Wyndham Seattle Bellevue. The purchase was part of the County’s strategy to grow its stock of housing for unhoused individuals.
Renton has seen other hotel properties trade hands in recent months.
Late last year, the Residence Inn by Marriott was purchased by an entity affiliated with Apple Hospitality REIT, Inc., for $55.5 million, or approximately $380,136 per room. The seller was an entity affiliated with MCR Hotels. Located at 1200 Lake Washington Blvd. N, the 146-room hotel is positioned on the coast of Lake Washington, less than 10 miles from both Seattle-Tacoma International Airport and King County International Airport/Boeing Field.
