Carey Watermark Investors 2 Buys Seattle Marriott Bellevue

by Nellie Day

BELLEVUE, WASH. — Carey Watermark Investors 2 has acquired the 384-room Seattle Marriott Bellevue for an undisclosed sum. The 17-story hotel is located at 200 110th Ave. NE.

The property opened in July 2015. It includes 21,000 square feet of meeting and event space, a food and beverage outlet, lounge, fitness center and business center.

“The opportunity to acquire a recently developed, high-quality urban asset in the Pacific Northwest is a unique opportunity to expand our portfolio into a vibrant growing market,” says Michael Medzigian, the REIT’s CEO. “The acquisition allows us to invest in an attractive location in one of the fastest growing regions of the country, while providing CWI 2 the opportunity to geographically diversify its portfolio.”

The hotel will remain under the management of HEI Hotels & Resorts. It is the only full-service Marriott product in the Bellevue market. It is also nearby to two future East Link light rail stations.

Bellevue, located approximately 10 miles east of Seattle, is in the midst of a tech boom. The city is home to notable employers such as T-Mobile, Verizon, Eddie Bauer, Puget Sound Energy and PACCAR. Microsoft currently occupies more than 1.1 million square feet of office space within two blocks of the hotel. Expedia and Amazon maintain their headquarters in nearby Seattle.

From 2009 to 2014, the Bellevue submarket experienced a compound annual growth rate of 9.3 percent in revenue per available room (RevPAR) compared with the overall U.S. rate of 6.8 percent. Through the first 11 months of 2015, Bellevue recorded strong RevPAR growth of 8.1 percent on a year-over-year basis.

New York City-based Carey Watermark Investors 2 is a non-traded real estate investment trust (REIT) that invests primarily in hospitality and lodging.

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