Hamburg-based Union Investment acquired the 222-room Hilton Garden Inn hotel in Downtown Seattle, which opened in 2015, for about $90M. The property is the German investment manager’s first hotel acquisition on the West Coast. The company has acquired three hotels in Boston, Chicago and New York City since 2015.
Seattle-based Touchstone developed the Downtown Hilton Garden Inn. The property is an addition to Union Investment's open-ended real estate fund Unilmmo: Europa, which has has two office properties in the city.
“Successful tech companies and leaders in the field of biomedicine promise a prosperous future for the city," Union Investment head of investment management hospitality Andreas Löcher said. "Increasing demand for office space also opens up [an] excellent outlook for hotel investments.”
