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Two Sea-Tac Motels Up for Grabs at $5.7 Mil

SEATTLE, WA-The 47-room Econo Lodge franchise was built by Wen-fan in 1985. The 38-room Ramada Limited opened in late 1998. The purchase price translates to $66,279/room, and the broker says the cap rate would be just over 8%.

By Janet Parker | Updated on March 15, 2001

SEATTLE, WA-Local developer and real estate investor Lin Wen-fan has placed his two Sea-Tac-area hotels on the market for a combined sales price of $5.7 million. The two properties, a 47-room Econo Lodge and a 38-room Ramada Limited, are located caddy corner from each other at the intersection of Pacific Highway South and 139th Street.

Greg Meinhold of Pacific Hotel Motel Specialists in Everett, WA is listing the properties for Wen-fan. Why is Wen-fan selling? “He’s ready to sell and move on to new ventures,” Meinhold tells GlobeSt, adding that the price translates to $66,279/room, reflecting a combined cap rate of 8.08%.

The 47-room Econo Lodge franchise was built by Wen-fan in 1985. According to First American Title Co., Wen-fan purchased the 26,459-sf development site in 1979. At 13910 Pacific Highway S, the Econo Lodge lies about three miles north of the Seattle-Tacoma International Airport.

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