CBRE Hotels recently arranged the sale of Hotel Monaco, a 189-key luxury property located in downtown Seattle. InnVest Hotels purchased the asset from Pebblebrook Hotel Trust for an undisclosed sum. Chris Burdett, Matthew Behrens and Aaron Solaimani of CBRE’s Pacific Northwest hotel team represented Pebblebrook in this transaction.
Hotel Monaco was ranked as one of the best hotels in Seattle by U.S News & World Report when it was acquired by Pebblebrook back in 2011 for $51.2 million dollars . Behrens commented on this opportunity stating: “This is an opportunistic time to invest in a Seattle hotel due to its quality and prime location close to Climate Pledge Arena’s recent renovation, new addition at the Convention Center and ongoing waterfront project.” The city’s RevPAR growth has been strong since Q1 2023 with signs pointing towards pre-pandemic levels being reached soon .
