By Kate Snyder
A hotel in Renton traded hands recently, showing that the city’s hospitality market continues to attract investors. 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, according to King County public records. 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. The property’s amenities include fully-equipped kitchens in every suite, a fitness center with views of a nearby park and an outdoor patio with a grill, according to MCR’s website.
Founded in 2006, MCR is the third largest hotel owner-operator in the United States, according to the company’s website. The firm, which has offices in New York City, Dallas, Chicago and Richmond, has a $5 billion portfolio of 150 independent and premium-branded hotels containing more than 25,000 guest rooms across 37 states and 106 cities, including two experiential hotels in New York City. MCR has approximately 7,000 team members across the country and operates hotels under 29 brands, including nine Marriott brands, eight Hilton brands and a number of unflagged independent hotels.
Apple Hospitality REIT is a publicly traded real estate investment trust that owns one of the largest portfolios of upscale, “rooms-focused” hotels in the country, according to the group’s website. The company was formed in 2007 and through its predecessor companies has a history in the lodging industry of more than 20 years. Apple Hospitality’s portfolio consists of 223 hotels with more than 29,400 guest rooms located in 87 markets.
The Puget Sound region has seen other sales transactions involving hotel properties in recent months.
Earlier this year, the Silver Cloud Hotel at Bellevue was sold for $28 million, or approximately $184,210 per room, according to previous reporting from The Registry. The seller was an entity affiliated with Silver Cloud, Inc., and the buyer was an entity affiliated with Bellevue Hotel Group LLC out of Richland. Located at 14632 SE Eastgate Way, the building totals 152 rooms and approximately 101,480 square feet.