Recent investments into the Puget Sound region are showing some promise for the region’s hospitality market. In a recent transaction that was recorded on August 18, Magna Hospitality Group purchased the Wingate by Wyndham SeaTac hotel for $19.5 million, or about $124,203 per room. According to public records, the property was sold by Morgan Hill, Calif.-based Corinthian Development.
The property is located at 19031 International Boulevard and consists of 157 hotel rooms as well as several guest amenities. These include a fitness Center, free breakfast buffet, parking meeting rooms and airport parking services.
With airport shuttle parking, the property is just one mile away to the Seattle-Tacoma International Airport. The hotel is also within close proximity to several transportation options, including both Interstates 5 and 405 as well as the Link Light Rail, which connects to downtown Seattle.
The new owners of the property were founded in 1998, and primarily focus on hotel investment, development and management. With a portfolio in excess of $5 billion in hotel real estate, Magna Hospitality Group owns and/or operates hotels across the United States. Included in its portfolio are a variety of nationwide brands, including Hilton, Marriott, Hyatt, and InterContinental Hotel Group.
The transaction is one of several deals to take place in the past several months. In one recent deal that closed in July, Oxford Collections acquired the Doubletree Arctic Club Hotel – Seattle for $31 million, or about $258,333 per room. The hotel is located at 700 Third Avenue in Downtown Seattle and includes 120 guest rooms. Prior to that, PEG Companies paid $80 million for the 195-room Homewood Suites at 1011 Pike Street in downtown Seattle.
