By Kate Snyder
A hotel property in Bellevue traded hands in a deal that shows the hospitality market in the Puget Sound region continues to draw investors. The Bellevue Hampton Inn and Suites was purchased by an entity affiliated with Ignite Hotels for $28.7 million, or about $223,828 per room, according to King County public records. The seller was an entity affiliated with OTO Development.
Located at 11405 NE 2nd Place, the 128-room hotel is positioned just off Interstate 405 and sits in close proximity to the Bellevue Botanical Garden and the Wilburton Hill Park. Nearby businesses include other hotels, restaurants and big-box retail stores.
Ignite Hotels is a hotel management company focused on the development, value add and operation of hotels in the Pacific Northwest, according to the firm’s LinkedIn page. The company was founded in 2017. Last year, it purchased another hotel in Bellevue for $28 million, or about $193,103 per room, according to previous reporting from The Registry. That 145-room property, located at 14632 SE Eastgate Way, is a former Silver Cloud hotel that is now branded as a Best Western.
OTO Development is a hotel development and hospitality management company. Founded in 2004, OTO currently owns and/or operates a portfolio of approximately 70 select-service hotels in markets across the country, according to the firm’s LinkedIn page. The company is part of The Johnson Group and has partnered with the Hilton, Hyatt and Marriott brands. OTO is also focused on new urban development projects in San Francisco, Los Angeles, San Diego, Manhattan and Washington D.C.
The Puget Sound region has seen other sales transactions take place recently in the hospitality market.
Earlier this year, the Red Lion Hotel in Renton 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. It was built in 1965.
