CBRE has arranged a $54 million CMBS financing package for the Courtyard by Marriott Bellevue-Downtown, a full-service hotel located at 11010 NE 8th St in Bellevue, Washington. The property, which operates under the Courtyard by Marriott flag, comprises 253 guest rooms in a five-story building positioned in the heart of downtown Bellevue’s central business district.
The new loan is structured as a 10-year, fixed-rate CMBS facility with a full interest-only term. CBRE’s Debt & Structured Finance platform sourced and arranged the financing on behalf of the borrower, providing long-term, non-recourse capital at a time when debt availability has been constrained in many hotel markets.
The CBRE team responsible for the assignment included James Bach, Regina Wang, Nic Alfieri, and Nick DaValle. Working together, they navigated the CMBS market to secure proceeds sized to the stabilized performance of the asset and its positioning within Bellevue’s urban core. The closing underscores the ability of specialized capital markets teams to connect hotel owners with institutional investors still active in select hospitality locations.
The Courtyard by Marriott Bellevue-Downtown was originally built in 2005 and is situated within walking distance of a concentration of major employers in Bellevue’s central business district. Its location adjacent to one of the region’s densest tech employment clusters has helped the hotel achieve an occupancy premium relative to the broader Seattle market, according to commentary cited in connection with the financing.
Between 2018 and 2024, the hotel underwent nearly $810 million in interior renovations, which included upgrades to common areas, a full renovation of guest rooms, and the addition of a new fitness center. These improvements were aimed at keeping the property competitive with newer hospitality offerings in the market and reinforcing its positioning with corporate and business travelers drawn to downtown Bellevue.
CBRE noted that Bellevue has continued to attract institutional capital even as many other hotel markets have experienced a meaningful pullback from lenders. The combination of recent capital investment in the property, strong relative occupancy performance, and proximity to a large base of tech-driven demand contributed to lender conviction around the underlying fundamentals. The completed CMBS execution highlights ongoing interest from capital providers in select, well-located hospitality assets in established employment hubs.
