(Editor’s Note: According to an announcement from Pebblebrook, the sales price was $63.3 million, or approximately $334,920 per room.)
Seattle – May 10th, 2023 – CBRE Hotels has arranged the sale of Hotel Monaco, a 189-room luxury property in downtown Seattle. Pebblebrook Hotel Trust sold the property to InnVest Hotels in a transaction that closed May 9th, 2023. A sale price was not disclosed.
CBRE’s Pacific Northwest hotel team, led by Chris Burdett, Matthew Behrens, and Aaron Solaimani, represented the seller, Pebblebrook Hotel Trust, in the transaction.
The 4-diamond Hotel Monaco is located in the heart of downtown Seattle and offers spacious guestrooms, upscale amenities, unique dining experiences, and excellent service. The Hotel Monaco was ranked as one of the best Seattle hotels by U.S. News & World Report, noted for its sophisticated design, gorgeous guestrooms, upscale amenities, premier dining experiences, and outstanding service.
“This is an opportunistic time to invest in a Seattle hotel,” said Behrens. “Beyond the quality of the asset, the property offered investors entry into a prime location with proximity to the recent renovation of Climate Pledge Arena, the Seattle Convention Center’s new addition, and Seattle’s transformational waterfront project underway. The Seattle hotel market continues to show strong RevPAR growth through the first quarter of 2023, working its way back to pre-pandemic levels.”