Seattle – February 1, 2016 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, announced that it has represented the seller in the recent disposition of the Marriott Seattle Bellevue, a newly developed hotel in the expanding suburb of Bellevue, Washington.
Mark Elliott, President and John Sonnier, Senior Vice President with Hodges Ward Elliott, represented the seller in the transaction. The property was sold to Carey Watermark Investors 2 Inc. (CWI 2), a non-traded real estate investment trust focused on investing in lodging and lodging-related properties.
The 17-story, 384 guestroom state-of the-art hotel opened in July 2015 and represents the newest addition to the Bellevue lodging market. The hotel has been developed with a highly efficient layout to maximize operational efficiencies in accordance with Marriott’s latest brand standards, including the new Marriott "room of the future”, M Club Lounge and Greatroom lobby concepts, as well as technologically advanced meeting and event spaces.
“We are delighted to have represented the seller in this transaction,” said Mark Elliott. “The hotel’s location, cutting edge design and strong brand affiliation made this an attractive investment and we were able to fully realize the value of this asset for the seller.”
The Bellevue market has benefitted from the region’s technology driven boom and has evolved from a Seattle suburb to a major city in its own right. Outside of the Seattle central business district, Downtown Bellevue has the highest density of residential and office uses (over 8.0 million square feet of Class A and Class B office space) of any sub-market in the greater Seattle area. Within a two-block radius of the hotel, Microsoft occupies more than 1.1 million square feet of office space.
In addition to Microsoft, Bellevue is home to companies including T-Mobile, Verizon, Eddie Bauer, Puget Sound Energy and PACCAR. The hotel is also just two blocks from The Shops at the Bravern, which features high-end retailers such as Hermes, Tory Burch and Salvatore Ferragamo. The planned East Link light rail expansion project which, when completed in 2023, will connect Redmond, Bellevue, Downtown Seattle, and Sea-Tac Airport, and will benefit the overall Bellevue market and Seattle Marriott Bellevue in particular, as it is ideally situated within five blocks of two planned light rail stations.