Home Commercial King County Closes on Acquisition of Three More Hotels for $57.3MM

King County Closes on Acquisition of Three More Hotels for $57.3MM

King County,, Silver Cloud Inn, Holiday Inn Express & Suites, Seattle, Advance Holdings, Silver Cloud Hotels
Courtesy of Holiday Inn Express & Suites

By Meghan Hall

King County is continuing to close on its acquisition of a number of hotels in the area as part of its efforts to combat homelessness. In three more recent deals, the County purchased the Silver Cloud Inn in Redmond, the Holiday Inn Express & Suites in North Seattle, and Auburn’s Clarion Hotel for a combined $57.3 million. The transactions closed at the end of June and beginning of July, according to public records.

In the largest transaction, King County acquired the Silver Cloud Inn for $28 million, or about $194,444 per room. The property is located at 2122 152nd Ave. NE and was sold by Puget Sound-based Silver Cloud Hotels. The property includes 144 rooms.

In a second deal, King County acquired a Holiday Inn Express & Suites at 14115 Aurora Ave. N. The County paid $17.5 million, or about $176,768 per room for the property. Public records indicate that the seller was affiliated with Advance Holdings LLC and Ronald Oh. The hotel has 99 rooms.

In the smallest acquisition, King County paid $11.8 million for the Clarion Hotel in Auburn, Wash. The property was sold be an entity affiliated with M&M Hospitality LLC and is located at 9 16th St. NW.

In recent months, King County also spent $16.5 million to buy the Inn at Queen Anne, as well as $28.6 million to purchase an Extended Stay America in Renton. All acquisitions have been part of a Count-wide effort to house Seattle’s growing population of those experiencing homelessness.

In October of 2020, the King County Council passed a proposal known as “Health Through Housing” in order to create investment to help those experiencing homelessness. Supported by a 0.01 percent sales tax increase, the legislation will provide permanent, supportive for those who are deemed “chronically homeless,” i.e, those who reside in places not meant for human habitation, as well as those with physical or behavioral health issues. There are about 4,500 people who are considered chronically homeless within King County based on official estimates. While the legislation will only be able to help about 2,000 of those individuals, many believe that the Health Through Housing program will provide a critical first step in the right direction.