Carey Watermark Investors 2 Buys Seattle Marriott Bellevue
Carey Watermark Investors 2 Inc., a publicly registered non-traded real estate investment trust sponsored by WP Carey (NYSE: WPC), acquired the Seattle Marriott Bellevue in Bellevue, Washington. The purchase price was not disclosed by the company.
The Seattle Marriott Bellevue represents the only full-service Marriott product in the Bellevue market. The newly developed 17-story hotel opened in July 2015 and includes 384 guestrooms, 21,000 square feet of meeting and event space, and an onsite restaurant and bar. Property amenities include an indoor pool, fitness center and business center.
The hotel will remain under the management of HEI Hotels & Resorts, a hospitality owner and operator that operates 53 full-service, upper-upscale, luxury and premium select-service hotels and resorts throughout the United States, including eight that are owned by Carey Watermark Investors and CWI 2.
“The opportunity to acquire a recently developed, high-quality urban asset in the Pacific Northwest is a unique opportunity to expand our portfolio into a vibrant growing market,” said Michael Medzigian, chief executive officer of CWI 2. “We believe the hotel’s downtown Bellevue location will position the property to benefit from the strong, technology driven growth fundamentals in the greater Seattle lodging market…”
From 2009 to 2014, the Bellevue submarket experienced a RevPAR compound annual growth rate of 9.3 percent, outpacing the overall U.S. CAGR of 6.8 percent for the same period. Year-to-date through November 2015, Bellevue experience continued strong RevPAR growth of 8.1 percent year over year.
Carey Watermark Investors 2 is a publicly registered REIT that was formed to make investments primarily in the lodging and lodging-related sectors.
