Updated Dec 4, 2024
Apple Hospitality REIT, Inc Acquires Residence Inn By Marriott Seattle South/Renton For $55.5M
1200 Lake Washington Boulevard North
$55,500,000
Building Size
—
Asset Type
Hotel
Closing
Oct 19, 2023
About this deal
AI
Apple Hospitality REIT, Inc has acquired the Residence Inn by Marriott Seattle South/Renton in Renton, WA. The hotel consists of 146 rooms and is located at 1200 Lake Washington Boulevard North. The transaction took place on October 19, 2023, with a sale price of $55,500,000, equating to approximately $380,137 per key.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $55,500,000
- Address: 1200 Lake Washington Boulevard North - Residence Inn by Marriott Seattle South/Renton, Renton, WA
- Market: Renton, WA
- Buyer: Nelson Knight - Apple Hospitality REIT, Inc
- Keys: 146
- Price per key (PPK): $380,137
Nelson Knight, representing Apple Hospitality REIT, Inc, successfully completed the acquisition of the Residence Inn by Marriott Seattle South/Renton. This strategic move is expected to strengthen Apple Hospitality REIT's portfolio and expand their presence in the hotel industry.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93