The newly developed 384-room Seattle Marriot Bellevue in Bellevue, Washington was recently acquired by Carey Watermark Investors 2 Incorporated.
"The opportunity to acquire a recently developed, high-quality urban asset in the Pacific Northwest is a unique opportunity to expand our portfolio into a vibrant growing market. We believe the hotel's downtown Bellevue location will position the property to benefit from the strong, technology driven growth fundamentals in the greater Seattle lodging market," said Michael Medzigian, Chief Executive Officer of CWI 2. "The acquisition allows us to invest in an attractive location in one of the fastest growing regions of the country, while providing CWI 2 the opportunity to geographically diversify its portfolio with an acquisition in the Pacific Northwest. Additionally, we are extremely pleased to continue to expand on our already important relationships with both Marriott International and HEI Hotels & Resorts."
According to the press release of Carey Watermark in PR NewsWire, the 17-storey hotel was built in July 2015 and has been developed with a highly efficient layout to maximize operational efficiencies. The hotel features amenities including the One food & beverage outlet, the M Lounge, a fitness center, a business center, 384 guestrooms, and 21,000 square feet of meeting and event space.
Seattle Marriot Bellevue is a proud member of the Marriott International family, which means that the hotel benefits from Marriott's strong reservation system and loyalty program, as well as its advanced brand recognition and demand among both domestic and international travelers. The HEI Hotels & Resorts will continue to manage the hotel.
HEI Hotels & Resorts is a hospitality owner and operator that manages 53 full-service, upper-upscale, luxury and premium select-service hotels and resorts throughout the United States. At present, HEI Hotels & Resorts is in-charge of eight hotels that are owned by Carey Watermark Investors and CWI 2.
Carey Watermark Investors 2 Incorporated is a non-traded real estate investment trust (REIT) focused on investing in lodging and lodging-related properties.
