Seattle & Northwest + Seattle + Hospitality | May 10, 2023

Pebblebrook Hotel Trust has sold Hotel Monaco in Seattle to Innvest in a deal arranged by CBRE Hotels

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.”

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CBRE's Behrens

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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