JLL’s Hotels & Hospitality group completes the sale of the 146-room hotel in Washington
News release
09 November 2023
Residence Inn Seattle South/Renton sells for $55.5M or $380,000 per key
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SEATTLE, Nov. 9, 2023 – JLL’s Hotels & Hospitality group announced today that it arranged the sale of the 146-room Residence Inn Seattle South/Renton in Renton, Washington.
JLL represented the seller, MCR Hotels.
The Residence Inn Seattle South/Renton is a newly built, extended stay hotel featuring kitchens and all king guestroom configurations. Amenities include a fitness center, lobby bar, convenience store and guest laundry.
The property is located at 1200 Lake Washington Blvd N. This is conveniently situated off Lake Washington Blvd N, walking distance to the Gene Coulon Memorial Beach Park and less than one mile from the Boeing Renton Factory. It’s the eight largest city in Washington and is located just six miles from the ninth busiest airport in the nation.
Due to its proximity to Seattle and Bellevue, Renton has become a thriving hub for aerospace, technology, and manufacturing tenants, benefiting from a rich history of skilled engineering talent. The City of Renton is expected to experience a 5% increase in population over the next five years. Renton’s connectivity to Seattle and Tacoma via heavy rail (the Sounder Line) allows for sustainable long-term growth.
The JLL’s Hotels & Hospitality group team was led by Managing Director Ketan Patel and Managing Director Melvin Chu.
“The South Seattle / Renton area benefits from strong corporate and leisure demand that continues to solidify itself as an aerospace and high-tech manufacturing powerhouse,” said Chu. “Renton in particular has experienced substantial growth with major firms located near the hotel including Boeing, Alaska Airlines, and Blue Origin.”
“The Residence Inn Seattle South/Renton is well-positioned for continued growth in a dynamic market,” said Patel. “We’re grateful and honored for the opportunity to represent the seller on this important assignment, and excited for the buyer and the future of this hotel.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.