CBRE Hotels Arranges the $74.1 Million Sale of the SpringHill Suites Seattle

All-suite downtown Seattle hotel acquired by Moody REIT

Seattle, Washington – June 1, 2016 – CBRE Hotels has arranged the sale of the SpringHill Suites by Marriott Downtown Seattle, a 234-unit, all-suite hotel in Seattle, Washington, to Moody REIT of Dallas, Texas, for $74.1 million.

Chris Burdett and Matthew Behrens of CBRE Hotels’ team in Seattle represented the 29 Tenant-in-Common (TIC) owners.

”Although the process took almost two years, we are pleased to close such a complex transaction representing so many different ownership interests. The tenant-in-common structure presented a variety of challenges throughout the sale process, but we were able to solicit a number of qualified buyers and closed above our price guidance, giving each member a strong return,” said Mr. Burdett, senior vice president.

Developed in 2001, the high-performing asset is located in one of the nation’s strongest lodging markets and is a modern 10-story interior-corridor building. Located at 1800 Yale Avenue, SpringHill Suites is ideally located off of Interstate 5 in downtown Seattle and is in proximity to the Washington State Convention Center, as well as the downtown retail core and South Lake Union. The new owners plan to extensively renovate the guestrooms beginning in late 2016.

Supported by technology and software employment, a strong seaport and demand from cruise operators, Seattle continues to experience exceptional RevPAR growth. Major firms continue to generate significant corporate lodging demand in the region.

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.