South Lake Union Hotel Trades For $74M
Moody National REIT II has acquired the 234-room Springhill Suites by Marriott at Stewart Street and Yale Avenue in South Lake Union for $74.1M. The property went on the market last summer as another indication of a hot local hotel market. The market is heating up due to growth in corporate travel and an increase in tourism, especially among visitors from China, reports the Puget Sound Business Journal.
Moody National REIT II is a non-listed REIT that acquires select-service hotels in major markets across the United States. It's sponsored by an affiliate of the Moody National Cos, which has managed more than $2B in commercial real estate since its founding 20 years ago. [PSBJ]