JLL secures refinance of Hilton Garden Inn Downtown Bellevue for West77 Partners
JLL’s Hotels & Hospitality Group arranged the refinancing for a 254-key hotel located in the thriving Bellevue market
PHOENIX, Nov. 5, 2024 – JLL Hotels & Hospitality Group announced today it has arranged the refinancing for the 254-key Hilton Garden Inn Seattle Bellevue Downtown.
JLL worked on behalf of the borrower, West77 Partners, to secure a fixed rate, five-year loan through a national life insurance company. The proceeds were used to pay off an existing bank loan and return equity to the borrower.
Located at 10777 NE 10th Street in the heart of downtown Bellevue, Washington, the six-story Hilton Garden Inn opened in 2018. Bellevue, often called Seattle's "Eastside," has emerged as a thriving technology hub, attracting major companies like Amazon, Microsoft and T-Mobile.
The hotel features over 3,000 square feet of meeting space, an on-site restaurant and bar, a fitness center, an indoor terrace pool and structured parking. It is ideally situated near popular attractions such as Bellevue Square, The Shops at The Bravern and Lincoln Square. Other Seattle attractions including Pike Place Market and the Space Needle are also easily accessible, with Seattle-Tacoma International Airport just 18 miles away.
The JLL Debt Advisory team was led by Managing Director Adrienne Andrews and Analyst Jessica Mehra.
"This refinancing presented an attractive opportunity given the hotel's prime location in a high-barrier-to-entry market, strong in-place cash flow and seasoned sponsorship," said Andrews. "This Hilton Garden Inn is well-positioned to capitalize on Bellevue's robust corporate demand drivers and growing tourism sector."
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About West77 Partners
West77 Partners is a real estate investment and development firm with offices in Bellevue, Washington, Phoenix, Arizona, and Salt Lake City, Utah. The firm sources and places debt and equity for the acquisition and development of real estate through its investment platforms and key lending relationships. The company is able to successfully manage outcomes for its investors via West77 Partners' vertical integration of services, including acquisitions, design & entitlement, construction management, asset management, and finance. West77 Partners is a strategic investor and developer of best-in-class properties and is currently developing a pipeline of LivAway Suites® extended stay hotels throughout the United States.