SEATTLE-Lodging REIT Chesapeake Lodging Trust has entered into a definitive agreement to acquire the 195-room Homewood Suites by Hilton Seattle Convention Center here for $53 million, or approximately $272,000 per key. The company intends to fund the acquisition by assuming approximately $28 million of existing mortgage debt and using proceeds from its recent equity offering.
Completion of the proposed acquisition is expected within the next 30 days, subject to lender approval and satisfaction of customary closing conditions. The company intends to enter into an agreement with a third-party manager to operate the hotel under its current franchise flag.
“The Homewood Suites by Hilton Seattle Convention Center will be another high-quality asset in our portfolio that is located in the central business district of a major market,” explains James Francis, Chesapeake’s president and CEO. “We expect this recently renovated and repositioned hotel will generate immediate strong returns for our shareholders.”
The Homewood Suites by Hilton Seattle Convention Center is located at 1011 Pike St., one-half block east of the Washington State Convention Center and one block from access to Interstate 5. The recently renovated and repositioned hotel is one of three extended-stay properties in the downtown Seattle market and the only such property located in the Downtown Financial District. The Homewood Suites by Hilton Seattle Convention Center is surrounded by corporate demand generators making it ideal for multi-week special assignment and corporate relocation stays. In addition, the hotel’s location next to the Washington State Convention Center is ideal for both conventioneers and tourists, in that it is within walking distance of the shopping district with more than 5.1 million square feet of retail space, the Pike Place Market at the downtown waterfront, the Seattle Art Museum, the Space Needle, and the Seattle Aquarium.
The nine-story structure contains 195 contemporary guest suites averaging approximately 550 square feet and featuring separate living, cooking and sleeping areas. Hotel amenities include an outdoor pool and whirlpool, exercise room, business center, billiards room, on-site guest laundry facility and a 120-space parking garage.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
