The Prudential Insurance Company of America, sold last week the 353-room Bellevue Hilton Hotel to Bellevue-based WIG Properties for $84.2 million, or just over $238,500 per room, according to public documents. The sale ends a nearly 11.5-year ownership in the asset, which Prudential purchased in June of 2005 from Doubletree for $48.5 million. The hotel is located at 300 112th Ave. SE in Bellevue, next to Highway 405.
According to its Web site, Wig Properties is an owner, manager and developer of commercial real estate in the greater Puget Sound region. The 30-year old family business started led by the Wig family members has developed, or is developing, over 14 million square feet of land for retail , residential, entertainment, medical and other uses. Wig also purchased the 181-room Red Lion Hotel in Bellevue, just north of the Hilton in February of 2015 for $34.7 million, or nearly $192,000 per room.
At the time, Greg Mount, president and CEO of Red Lion Hotels Corporation said in a statement, “Ultimately operations of a sprawling two-story hotel on this site is not the highest and best use of this property.”
The two locations are across the street what in the future will be the East Main light rail station in Bellevue and they tie up a nearly 15.5-acre site in one of the region’s most diverse and growing economic geographies.
E-mails to Prudential and WIG were not answered in time to for this publishing.