By Kate Snyder
A hotel property in SeaTac traded hands recently, showing that investors continue to be attracted to the Puget Sound region’s hospitality market. The La Quinta Inn & Suites by Wyndham SeaTac Airport was purchased by a representative of a family trust in SeaTac for $27.5 million, or about $192,307 per room, according to King County property records. The seller was an entity affiliated with Sohal Hotels, a real estate investment and development company focused on the hospitality market.
Located at 2824 S 188th St., the 143-room asset is positioned on 2.1 acres between Pacific Highway South and the Seattle-Tacoma International Airport. The six-story building spans 70,593 square feet and was constructed in 1970, property records show.
The Puget Sound region has seen a number of hotel properties trade in recent months, particularly assets affiliated with the La Quinta by Wyndham brand.
Earlier this year, a 73-room La Quinta Inn traded hands in Everett, 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. The building was constructed in 1989 and totals approximately 31,664 square feet in three stories plus a basement area.
In Tacoma, the 155-room La Quinta Inn & Suites by Wyndham Tacoma traded hands 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. The 91,468 square foot building was constructed in 1985 and sits on just over three acres.
