Last month, Wig Properties acquired the Hilton Bellevue at 300 112th Ave Southeast for more than $87M, and now it has tapped the Dow Hotel Co to operate the property, which will remain under the Hilton flag. Wig knows the property: the company's been a JV partner in the Hilton Bellevue and operated it since 2005.

Though recent years have been strong for the hospitality industry, with RevPAR and ADR making healthy gains, that doesn't mean existing properties can be idle in the face of competition. "We recently oversaw the hotel’s $10M renovation to bring the hotel to ‘like-new’ status, making it competitive with the marketplace,” Dow president Murray Dow said.

Among other features, the property provides 60k SF of meeting space, the second-largest hotel offering in Bellevue, capable of accommodating up to 1,000 people. The hotel also has the largest non-suite rooms in the market, according to Dow.

For the locally based Wig, the hotel is its latest foray into the sector in Bellevue, a growth market for hospitality. In February 2015, the company acquired the adjacent Red Lion Hotel. The Red Lion and Hilton properties together comprise about 15.5 acres along I-405.