Acquisition financing secured for Residence Inn Redmond

LOS ANGELES, Sept. 10, 2024 –  JLL Hotels & Hospitality Group announced today that it secured acquisition financing for Residence Inn by Marriott Seattle East Redmond, a 180-room hotel located in Redmond, Washington.

Working on behalf of the new owner, Clearview Hotel Capital, LLC, JLL secured a five-year, fixed-rate loan through a low-cost, life insurance-based lending group offering highly favourable financing terms.

The Residence Inn Seattle East Redmond provides the ultimate extended-stay experience with its functional all-suite product, specifically catering to the needs of corporate travelers who choose to stay in proximity to Redmond's many corporate campuses. Each suite includes full kitchens, refrigerators, microwaves, dishwashers, stovetops and spacious living areas. Guests can also enjoy a range of onsite amenities and services, including complimentary WiFi, an outdoor pool, a 600-square-foot meeting space, a fitness center, digital check-in and a grab-and-go market.

Situated at 7575 164th Avenue NE, the hotel enjoys a prime location in the vibrant Redmond Town Center. This area offers guests over 120 stores, 20 restaurants, fitness studios and convenient healthcare amenities. Redmond also benefits from its close proximity to affluent districts like Sammamish and Bellevue. Additionally, the community is a hub for prestigious technology, aerospace and logistics companies, with Microsoft, Amazon, Meta, UPS, Nintendo and Honeywell all having established campuses in the area.

Furthermore, Residence Inn Seattle East Redmond benefits from its affiliation with Marriott International, a highly respected brand in the industry. This partnership provides access to a best-in-class global distribution system, ensuring the hotel can attract premium-spend room nights.

The JLL Debt Advisory team was led by Managing Director Mike Huth and Director Shalin Patel with support from Senior Analyst James Bermingham.

“The hotel is one of the few premium-branded, extended-stay assets in Redmond and is also uniquely situated within the context of Redmond Town Center, enabling it to retain lasting competitive differentiation in this submarket,” said Huth.

“Residence Inn Seattle East Redmond is consistently able to garner outsized market share and generates remarkable cash flow, attracting both yield-oriented buyers and lower-cost lending groups,” added Patel.

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

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Clearview is a privately-held hotel investment and advisory company focused on hotel acquisitions and management in urban and unique locations. Founded in 2007 by Jon Kline, Clearview has acquired over $2.0 billion of hotels containing over 17,000 rooms and completed over $170 million of renovations.