By Jack Stubbs
On Thursday, January 23rd, Parkview International, a financial investment management company based in New York, acquired a two-parcel property in the Eastgate neighborhood of Bellevue—consisting of a Embassy Suites by Hilton-Seattle Hotel and adjacent parking lot—for $59.1 million, King County records show. The seller of the property was New York-based AWH Partners, a privately-held real estate investment firm.
The buyer did not respond to calls for comment about the transaction—which was recorded on January 28th—in time for the publishing of this story.
The sale included a two-parcel property located at 3225 158th Ave. SE, according to public documents. The first parcel, sitting on 3.32 acres, includes a six-story, 240-room Embassy Suites by Hilton-Seattle Hotel (constructed in 1990) and the second parcel includes an associated parking lot siting on just over half an acre and totaling roughly 26,000 square feet.
The Embassy Suites Hotel features a mix of suites, executive rooms and specially-accessible rooms, according to the web site for the property. Additionally, the hotel includes a business center, fitness center, meeting/conference rooms and local transportation options for guests.
Located across I-90 from the Eastgate Plaza shopping center, the hotel is approximately five miles southeast of downtown Bellevue via Interstate-405 and just blocks from two Microsoft and Boeing offices. The property is also roughly seven miles south of Redmond.
Originally founded in 1982, Parkview International was created to meet the investment, purchasing and logistical needs of families and their operating companies, with all of the company’s services tailored to meet the needs of its clients, according to its web site. With a 24-year track record of success, the company’s skille
d professionals are accustomed to working with complex multigenerational family structures. Parkview offers families and other co-investors the opportunity to partner with other families in discreet, individually structured direct investments and joint ventures in a manner that complements their private equity, venture capital, and other direct investment portfolios, according to the web site.
AWH Partners is a real estate investment firm formed by alumni of The Blackstone Group and The Related Companies, according to the company’s web site. Since 2010, AWH and its principals have amassed a portfolio in excess of $1 billion. AWH owns Spire Hospitality, a top-tier national hospitality platform formed in 1980, and AWH Development, a full-service real estate development company, that collectively provide AWH with complete vertical integration in the hospitality investment space.
AWH Partners owns hospitality properties across the country, including—more locally in the Puget Sound region—an Embassy Suites Seattle Hotel in Lynnwood and the Marriott Seattle Airport in Sea-Tac.
The Embassy Suites hospitality brand was in the news earlier last year, with the company planning to enter the Seattle market with a showcase product. In mid-March 2018, the company announced its plans to open its newest hotel in Seattle’s historic Pioneer Square neighborhood: when it opened in late March, the 282-key hotel became the company’s first urban hotel that took cues from the suite format for which the hotel is known, and occupies a much smaller footprint than a typical Embassy Suites property would.