There have been a number of hotel sales in the Puget Sound region in recent weeks, and another hospitality property has changed hands. The transaction was recorded on March 20th.
On Friday, March 9th, the Holiday Inn Express Seattle-Lynnwood sold for $12.6 million, or approximately $157,500 per room, according to public records filed with King County. The buyer of the property was JH Management LLC, an entity affiliated with Satpal Sohal based in Maple Valley, Washington. The seller was MJK Lodging LLC, a Lynnwood-based company associated with Bill and Ashley Lim.
MJK Lodging LLC acquired the hotel for $9.4 million in 2013 from Lynnwood-based Hanra Investment Inc, according to public documents.
The Holiday Inn Express, located at 2519 196th St. SW., totals five stories and contains 80 rooms. Some of the property amenities include a health and fitness center, indoor heated pool and a 400 square foot on-site business center, according to the property’s web site. Some of the in-room amenities include black-out shades, ironing board and flatscreen TV. The hotel offers a variety of room-types including King suite, two-bed Queen suite, and King bed guest rooms.
The web site also highlights how the hotel is located in close proximity to companies like Boeing, Microsoft and IMB, and also sits in close proximity to Alderwood Mall. The hotel is also less than a mile from Kohl’s Lynnwood, a chain department store, and roughly the same distance from Lynnwood square, another shopping center to the west of the hotel. Additionally, the asset is approximately three miles to the north of Mountlake Terrace and about one-and-a-half miles from access to the intersection of Interstate-405 and I-5.
The sales price of $12.6 million for the Holiday Inn Express falls short of various other hotel sales that have been posted in the Puget Sound region in recent weeks. Most recently, on March 12th, Che Investments LLC sold the 105-unit Sleep Inn SeaTac Airport Hotel for $17.6 million, or approximately $167,620 per room. In early February, HSK212 LLC acquired the 152-unit Hawthorne Suites by Wyndham Hotel in Kent for $17 million, or approximately $111,842 per room, from Seattle-based hospitality firm Lala Salama Hospitality Inc.
Excluding national portfolios, resorts, and potential tear downs, there were 23 sales of hotels in King, Pierce, and Snohomish Counties at prices exceeding $2 million last year, according to a fourth quarter 2017 Seattle Hotel report written by Kidder Mathews. The aggregate transaction volume was $415 million, and with 2,005 guest rooms, the weighted average price per room was $206,906, according to the report.
For the full story, go to the Commercial Property Executive.
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