CBRE Hotels Closes $42.7M Sale of the Sheraton Downtown Bellevue

Bellevue, Washington – March 31, 2016 – CBRE Hotels has arranged the sale of the 178-room Sheraton Hotel Bellevue located at 100 112th Avenue NE in Bellevue, Washington for $42.7 million. DHM Seattle Hotel, L.P. sold the property to PMF Investments who plans to reinvest in the hotel and explore the site’s long-term development potential.

Chris Burdett and Matthew Behrens of CBRE’s Seattle office arranged the sale of the asset on behalf of the seller.

“The Sheraton hotel resides on a strategic redevelopment parcel within the Bellevue CBD. The site offers the new owners the opportunity to reinvent the space over the long-term, while capitalizing on strong cash flow from the hotel in the interim,” said Matthew Behrens, CBRE Hotels.

The Sheraton sits on approximately five acres centrally located in a prime development area of downtown Bellevue. The booming business climate in the Bellevue CBD area has led to high demand growth for hotels. According to CBRE Hotels’ Americas Research looking at 2016, the Greater Seattle market RevPAR is expected to grow another 6.9%.

CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 385 dedicated hospitality professionals located in 60 offices across the globe.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.