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December 3, 2023
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SPI Hospitality Buys Washington Hotel Portfolio for $88 Mil


A five-property, 596-room, extended-stay hotel portfolio in the state of Washington was acquired by SPI Hospitality LLC, out of Dallas, for $88 mil ($147.7k/room). The five Woodspring Suites properties are in Redmond, Tukwila, Richland, Lakewood and Vancouver, WA. We’re told the transaction sets a new price-per-key record for the Woodspring Suites brand in the U.S.

The portfolio included:

Woodspring Suites Redmond, located at 7045 180th Avenue NE in Redmond
Woodspring Suites Tukwila, located at 15637 West Valley Highway in Tukwila
Woodspring Suites Richland, located at 1370 Tapteal Drive in Richland
Woodspring Suites Lakewood, located at 11329 Pacific Highway SW in Lakewood
Woodspring Suites Vancouver, located at 200 NE 104th Avenue in Vancouver

Two of the properties were completed in 2018 (Redmond and Tukwila), two opened in late 2020 (Richland and Lakewood), and the Vancouver hotel is expected to open in November. The individual hotels have experienced only three total months of negative net operating income, due to the COVID-19 pandemic, out of their collective 106 months of operating history.

The properties were sold by West77 Partners, which is currently developing other WoodSpring Suites locations in Washington and Idaho and has plans to continue growing its portfolio of economy extended stay hotels across the nation.

Matthew Behrens, Chris Burdett and Jordan Caudill with CBRE Hotels represented West77 Partners in the deal.

The U.S. hotels sector posted record performance gains in the second quarter of 2021, according to CBRE research. Nationally, demand increased by 100.8%, occupancy gained 97.5%, revenue per available room jumped 180.5% and the average daily rate grew by 42%.

“Extended-stay hotels outperformed other hotel asset types throughout COVID-19, resulting in a wide pool of investor interest in the offering from the hotel and multifamily sectors,” commented Burdett.

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