JLL’s Hotels & Hospitality Group has arranged a $29.5 million refinancing for The Maxwell Hotel, a 139-key boutique hotel located in Seattle’s Queen Anne neighborhood. JLL worked on behalf of the borrower, Staypineapple, to secure the 10-year, fixed-rate loan through a regional credit union.
Opened in 2010, the five-story property features an indoor pool, fitness center, on-site restaurant and bar and 1,600 sq. ft. of meeting space.
The hotel is near the Seattle Center, Space Needle and Climate Pledge Arena. It benefits from its location in one of Seattle’s most desirable and affluent neighborhoods, offering dining, shopping and entertainment options that appeal to both business and leisure travelers, according to JLL.
The JLL Debt Advisory team was led by Managing Director Adrienne Andrews and Analyst Jessica Mehra.
“The Maxwell Hotel presented an attractive financing opportunity given its strong cash flow, irreplaceable location and experienced sponsorship,” said Andrews. “We received robust interest from lenders drawn to the property’s consistent performance and Seattle’s resilient lodging market fundamentals. The credit union proved to be the ideal financing partner, offering certainty of execution and flexible terms that aligned with the sponsor’s objectives.”
Dina Belon, president, Staypineapple, added, “We are thrilled with the outcome of The Maxwell Hotel refinancing and incredibly grateful to the JLL team for their tireless efforts and expertise. Their ability to navigate complex scenarios and find the perfect lender aligned with our long-term vision was invaluable. Staypineapple, a hotel brand with 10 boutique properties throughout the U.S., is growing, and we wanted a lender that saw us as a business partner.”
