By Meghan Hall
Another downtown Seattle property has traded hands as the future of the hospitality market hangs in the balance. In a deal that closed on August 16th, the land beneath the Residence Inn by Marriott in Seattle’s South Lake Union neighborhood traded for $80 million. The buyer, according to public records, was Richmond, Virg.-based Apple Hospitality REIT. The seller is Qwest Corporation, an operating company owned by Lumen Technologies.
The deal comes nearly 15 years after Apple Hospitality acquired the hotel itself in 2006. At the time, Apple Hospitality purchased the building, located at 800 Fairview Ave. N., for $56,172,992, or about $244,055 per key. Apple Hospitality entered into a contract to acquire the land beneath the hotel in the second quarter of 2021, according to a company earnings release. The $80 million fee includes a $24 million cash payment and a one-year payable note valued at $56 million.
The property is composed of a mix of rooms such as one-bedroom suites, studios, two-bedroom suites and luxury units. Units feature kitchens with refrigerators, stovetops, microwaves and dishwashers. Balconies are also available. In all, there are 234 rooms on site.
Community amenities include an indoor pool and spa, fitness center, sauna, conference center, meeting rooms and 24-hour business center. A picnic area, barbecue grills and laundry facilities are also available to guests.
“Spacious all-suite accommodations with lake view options were designed for extended-stays featuring fully equipped kitchens and Wi-Fi,” states the hotel’s website.
The property is also located at the center of South Lake Union, minutes from major employers such as Amazon, Facebook and other major employers. Eateries such as Portage Bay Cafe, I Love Sushi on Lake Union, Duke’s Seafood and LOCAL Public Eatery are also nearby. The hotel is also just steps from Lake Union.
The Marriott’s new owner, Apple Hospitality REIT, is no stranger to Washington. Its other assets include Courtyard Seattle, in Kirkland, as well as a Homewood Suites in Tukwila. Apple Hospitality specifically targets urban, high-end suburban and developing markets with strong demand generators. Across its entire portfolio, the REIT owns 212 hotels totaling 27,620 guest rooms. The company is in 35 states and 84 markets, according to its website.