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5/11/23
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InnVest Hotels recently acquired a notable asset in Seattle, purchasing Hotel Monaco, a 189-room luxury property in the city’s downtown. The property was sold by Pebblebrook Hotel Trust.
The four-diamond Hotel Monaco is located in the heart of downtown Seattle and offers spacious guestrooms, upscale amenities, unique dining experiences, and excellent service. The Hotel Monaco was ranked as one of the best Seattle hotels by U.S. News & World Report, noted for its sophisticated design, gorgeous guestrooms, upscale amenities, premier dining experiences, and outstanding service.
Chris Burdett, Matthew Behrens, and Aaron Solaimani with CBRE represented the seller in the transaction. The price was not disclosed.
“This is an opportunistic time to invest in a Seattle hotel,” said Behrens. “Beyond the quality of the asset, the property offered investors entry into a prime location with proximity to the recent renovation of Climate Pledge Arena, the Seattle Convention Center’s new addition, and Seattle’s transformational waterfront project underway. The Seattle hotel market continues to show strong RevPAR growthvthrough the first quarter of 2023, working its way back to pre-pandemic levels.”
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