By Kate Snyder
The Puget Sound region’s hospitality market continues to attract attention with the recent sale of a hotel in Tacoma. The Hotel Thea traded hands for $13.9 million, or approximately $105,303 per room, according to Pierce County public records. The seller was an entity affiliated with Ganesh Sonpatki, a hotelier based in Portland, and the buyer was an entity affiliated with Tacoma 134, LLC.
Located at 7414 S Hosmer St., the building has 132 rooms and totals approximately 65,010 square feet. It was built in 1985, according to property records, and has undergone renovations as recently as 2019. The seller previously purchased the asset in 2017 for $8.1 million, or about $61,363 per room.
The Hotel Thea is part of the hotel brand Ascend Collection, according to the property’s website. The name was chosen to pay homage to Thea Christiansen Foss, the founder of the largest tugboat company in the western United States.
Positioned in a commercial and residential area just off Interstate 5, the hotel sits about five miles from the McChord Air Force Base and six miles from both the Tacoma Dome arena and the Tacoma Art Museum.
Tacoma has seen a number of sales transactions in the hospitality market during the past six months.
Earlier this year, the 155-room La Quinta Inn & Suites by Wyndham Tacoma traded hands for $19 million, or approximately $122,580 per room, according to previous reporting from The Registry. The buyer was an entity affiliated with HSR Hotel Group LLC, and the seller was an entity that shares an address with Highgate, a hotel management, investment and development firm. The property is located at 1425 E 27th St.
In another recent deal, an American Lodge motel located at 8702 S Hosmer St. was purchased for $11.5 million, or approximately $80,985 per room, by an entity affiliated with Sage Investment Group. The seller was an entity affiliated with Tacoma 142 IPM, LLC, which is based in Seattle.
