JLL’s Hotels & Hospitality Group has arranged the refinancing for the 254-key Hilton Garden Inn Seattle Bellevue Downtown in Bellevue, WA.
JLL worked on behalf of the borrower, West77 Partners, to secure a fixed-rate, five-year loan through a national life insurance company. The proceeds were used to pay off an existing bank loan and return equity to the borrower.
The six-story hotel, opened in 2018, features more than 3,000 sq. ft. of meeting space, an on-site restaurant and bar, a fitness center, an indoor terrace pool and structured parking. It is located near Bellevue Square, The Shops at The Bravern and Lincoln Square. Seattle-Tacoma International Airport is 18 miles away.
Bellevue, often called Seattle’s Eastside, has emerged as a technology hub, attracting companies like Amazon, Microsoft and T-Mobile.
The JLL Debt Advisory team was led by Managing Director Adrienne Andrews and Analyst Jessica Mehra.
“This refinancing presented an attractive opportunity given the hotel’s prime location in a high-barrier-to-entry market, strong in-place cash flow and seasoned sponsorship,” said Andrews. “This Hilton Garden Inn is well-positioned to capitalize on Bellevue’s robust corporate demand drivers and growing tourism sector.”