CBRE has successfully secured a $27 million refinancing deal for the Hampton Inn & Suites by Hilton Seattle Downtown, located at 700 Fifth Avenue North. The transaction was facilitated by CBRE’s Pacific Northwest Debt & Structured Finance team, led by James Bach, Connor Lemley, Regina Wang and Griffin Walker.
The five-year fixed rate financing was obtained on behalf of the property’s owner and marks its first refinancing in two decades. The six-story hotel is situated in Seattle’s Queen Anne neighborhood and is directly adjacent to South Lake Union.
In 2020, the owner completed a significant renovation of both the interior and exterior of Hampton Inn & Suites by Hilton Seattle Downtown. This successful process highlights an increase in competitive capital sources for hospitality assets since 2020 when lenders were not prioritizing this sector,” said Wang.
Recent research from CBRE shows that during summer 2023, Seattle ranked as one of the top-performing hotel markets with an occupancy rate ranking fifth in the U.S., reaching 80.8%. With current trends indicating a full recovery for this market expected to take place in 2024.”
