CNL Hospitality Properties Acquiring New Waterfront Hotel for $89M

SEATTLE-Now that Marriott International has completed its 358-room on the Downtown Seattle waterfront, it’s selling the property to CNL Hospitality Properties and continuing on its operator. CNL, a public but unlisted REIT based in Orlando, FL either recently has or soon will pay approximately $89 million for the brand new hotel built by Bethesda, MD-based Marriott.

According to CNL’s public filings, approximately $88.9 million is due upon completion of the hotel, for which a formal opening ceremony was held on Thursday. King County hasn’t yet recorded the transaction, however, and the only Washington State asset CNL has listed on its Web site is the 250-room Seattle Courtyard Marriott on Seattle’s Lake Union, which it acquired in 1999 for $34.1 million.

Overlooking Elliott Bay, the Seattle Marriott Waterfront is a concrete structure that sits on a 64,000-sf lot across from Bell Harbor International Conference Center, at the north end of Seattle’s downtown waterfront. The site is within walking distance of Pike Place Market, the Seattle Aquarium, the Space Needle and the Seattle Center, and a trolley ride away from the city’s Pioneer Square nightlife and major league sports stadiums.