Pebblebrook Divests Seattle’s Hotel Monaco After 12-Year Hold
(Updated with additional information)
CBRE Hotels arranged the sale of Hotel Monaco, a 189-key luxury property in downtown Seattle. Pebblebrook Hotel Trust said it sold the property for $63.3 million; CBRE identified the buyer as InnVest Hotels. CBRE’s Pacific Northwest hotel team, led by Chris Burdett, Matthew Behrens and Aaron Solaimani, represented Pebblebrook.
The Hotel Monaco was ranked as one of the best Seattle hotels by U.S. News & World Report. Pebblebrook paid $51.2 million for the property in 2011.
“This is an opportunistic time to invest in a Seattle hotel,” said Behrens. “Beyond the quality of the asset, the property offered investors entry into a prime location with proximity to the recent renovation of Climate Pledge Arena, the Seattle Convention Center’s new addition, and Seattle’s transformational waterfront project underway. The Seattle hotel market continues to show strong RevPAR growth through the first quarter of 2023, working its way back to pre-pandemic levels.”