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CBRE Arranges $27M Refi for Downtown Seattle Hilton
CBRE has arranged the $27 million refinancing of the 199-key Hampton Inn & Suites by Hilton Seattle Downtown located at 700 Fifth Avenue North.
CBRE’s James Bach, Connor Lemley, Regina Wang, and Griffin Walker with the Pacific Northwest Debt & Structured Finance team facilitated the five-year fixed rate refinancing on behalf of the owner. Hampton Inn & Suites by Hilton Seattle Downtown is a six-story hotel situated in the Queen Anne neighborhood, directly adjacent to South Lake Union.
The $27 million financing represents the first refinancing of this property in 20 years and follows a significant interior and exterior renovation completed by the owner in 2020. “The success of this process highlights the resurgence of competitive capital sources for hospitality assets, which have not been a priority for lenders since 2020,” said Wang.
According to CBRE research, Seattle was one of the top-performing hotel markets during the summer of 2023, with occupancy rates ranking fifth in the U.S. at 80.8%. The market is on pace for a full recovery in 2024.
