By Jack Stubbs
On Tuesday, August 14th, the Red Lion Inn & Suites in Bothell sold for $9.5 million, or approximately $113,095 per room, according to public documents filed with Snohomish County. The buyer was P&J Investors LLC, an entity based in Renton. The seller was CGCMT 2008-C7 Monte Villa Parkway LLC, an entity affiliated with Miami, Florida-based Starwood Capital Group and LNR Partners LLC. The transaction was recorded on August 27th.
The seller acquired the property for just over $8 million in October 2015, according to public documents.
The 4-story Red Lion Inn & Suites Bothell, located at 3850 Monte Villa Parkway, contains 84 rooms, according to the property listing on hotelplanner.com. The property features a variety of king- and queen-bed suites and also features an indoor pool and on-site gym.
The three-star hotel, which was built in 2000 and sits on 1.8 acres, is approximately two miles north of Bothell and 2.5 miles north of Woodinville. Additionally, the property is less than three miles from the intersection of Washington State Route 522 and Interstate 405.
LNR Partners LLC was acquired by Starwood Capital Group and Starwood Property Trust in April 2013 to enhance its expertise in the distressed marketplace, according to the company’s web site. In 2015, Starwood Capital continued its expansion into the select-service space with Starwood Global Opportunity Fund X’s acquisition alongside a limited partner co-investment vehicle of TMI Hospitality, which is one of the largest owners, managers and developers of select-service hotels in the United States with 184 operating hotels and more than a dozen in the development pipeline, according to the company’s web site.
Starwood Property Trust, which is an affiliate of global private investment firm Starwood Capital Group and also one of the largest commercial mortgage real estate investment trusts in the U.S., has been active in the Puget Sound region in recent months. In mid-July 2018, the company sold the Centennial I & II office buildings in Tacoma (which total approximately 240,000 square feet and are located at 1949 & 2121 S State St.) for $34.5 million, or just over $143 per square foot, to an entity associated with BC Warner Investments, a privately held investment company from West Valley City, Utah.