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Staypineapple Sells Hotel Five in Belltown
Staypineapple Hotels Inc. has sold Hotel Five in Belltown for $25.5 million, the third such transaction in recent months for the brand.
The 116-room hotel at 2200 Fifth Ave. was sold to Renton-based real estate investment firm DVP 2200 5 LLC, an affiliate of MS Real Estate Co., reported the Puget Sound Business Journal. The deal marked Staypineapple’s third hotel sale in the Seattle market since November.
The boutique hospitality company sold its Watertown Hotel in the University District for $27.5 million and sold The University Inn for $27 million. Staypineapple will continue managing the hotel under a licensing and management agreement.
Constructed in 1978, Hotel Five is 62,030 square feet and features amenities including a fitness center and a barista bar. Staypineapple was launched in 2011 by parent company Columbia West Properties, a property management and development group based in Bellevue. Hotel Five is MS Real Estate CEO Melina Lin’s first entry into the hospitality market.
