By Kate Snyder
The Seattle area’s hospitality market continues its streak of sales activity with a Bellevue hotel trading hands in a recent transaction. The Silver Cloud Hotel at Bellevue was sold for $28 million, or approximately $184,210 per room, according to King County property records. The seller was an entity affiliated with Silver Cloud, Inc., and the buyer was an entity affiliated with Bellevue Hotel Group LLC out of Richland.
Located at 14632 SE Eastgate Way, the building totals 152 rooms and approximately 101,480 square feet, according to property records. It was built in 2003. The last recorded sale prior to the most recent deal was in 2001, when it traded for $3.1 million – the same entity that recently sold the property was the buyer in that transaction. The property is near Microsoft’s main campus, downtown Seattle and Lake Washington as well as Bellevue Square and Lincoln Square shopping centers.
Silver Cloud is a hospitality company headquartered in Bellevue, according to the firm’s LinkedIn page. It was founded in 1980 and owns hotel properties throughout the Puget Sound region, including several in Seattle, Tacoma and Mukilteo as well as Portland.
The Seattle area has seen a number of hotel transactions within recent months.
Pebblebrook Hotel Trust recently announced the sale of Hotel Monaco, a 189-room property in Seattle’s downtown, for $63.3 million, or approximately $334,920 per room. Pebblebrook sold the hotel to InnVest Hotels. The property is located at 1101 4th Ave.
In Everett, a La Quinta Inn recently traded hands, according to previous reporting from The Registry. The sale price was listed as $10.2 million, or approximately $139,726 per room. The buyer was an entity affiliated with Everett-based Harman Investment Group, Inc., and the seller was an entity affiliated with Yi Ya Hoo Enterprise LLC. The La Quinta Inn by Wyndham Everett is located at 12619 Fourth Ave. W.
Earlier this year in Tacoma, another La Quinta Inn also traded hands. The 155-room La Quinta Inn & Suites by Wyndham Tacoma was purchased for $19 million, or approximately $122,580 per room. The buyer was an entity affiliated with HSR Hotel Group LLC, and the seller was Cavalier St Aggregate Propco LP, which shares an address with Highgate, a hotel management, investment and development firm. The property is located at 1425 E 27th St.
