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11/20/24
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In a Seattle hotel financing deal, the 199-key Hampton Inn & Suites by Hilton Seattle Downtown was refinanced with a new loan for $27 mil. Hampton Inn & Suites by Hilton Seattle Downtown is a six-story, focused-service hotel situated in the city’s Queen Anne neighborhood
The hotel is located at 700 Fifth Avenue North, directly adjacent to South Lake Union and just one mile from Downtown Seattle. Its prime location also places it within walking distance of the area’s major tech campuses making it ideal for both business travelers and tourists.
The transaction represents the first refinancing of this property in 20 years and follows a significant interior and exterior renovation completed by the owner in 2020. The property, originally built in 1996, offers ample amenities including in-room kitchens, free breakfast, free Wi-Fi, a fitness center, laundry facilities, parking, a 24-hour business center, and conference space.
CBRE’s James Bach, Connor Lemley, Regina Wang, and Griffin Walker with the Pacific Northwest Debt & Structured Finance team facilitated the five-year fixed rate refinancing on behalf of the owner.
“The success of this process highlights the resurgence of competitive capital sources for hospitality assets, which have not been a priority for lenders since 2020,” said Wang. “The property's strong post-renovation performance, excellent location, and timing for refinance all helped us secure an excellent, sub-6% rate for our client from a correspondent life company lender.”
Seattle's hotel market has shown resilience and growth. According to CBRE, Seattle was one of the nation’s best-performing hotel markets during the summer of 2023, with occupancy rates ranking fifth in the U.S. at 80.8%, well above the national average of 70.2%. The market is on pace for a full recovery in 2024. This positive outlook underscores the strong demand for hotel accommodations in Seattle, driven by its robust business environment and tourism appeal.
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