Apple Hospitality REIT has completed the acquisition of the 146-room Residence Inn by Marriott Seattle South/Renton for approximately $55.5 million, or $380,000 per key, from MCR. Other terms of the transaction were not disclosed.
MCR purchased the hotel in June 2021 for $41.8 million, or approximately $286,000 per key.
“We are pleased to further diversify and enhance our portfolio with the acquisition of this recently-built, extended-stay hotel in Renton,” Nelson Knight, president, real estate and investments, Apple Hospitality, said in a statement. “Renton is well known for its strong business environment that spans aviation, aerospace, manufacturing, technology, life science and medical. Located in close proximity to downtown Seattle and downtown Bellevue, Renton provides easy access to sporting events and to the area’s many outdoor activities. The Residence Inn is ideally located near a variety of guest amenities and benefits from the diversity of Renton’s business and leisure demand generators. Given the strength of our operating performance and the flexibility of our balance sheet, we are uniquely positioned within the current transaction environment to be acquisitive and to meaningfully enhance long-term shareholder value. We have three additional hotels under contract for purchase and continue to underwrite numerous opportunities.”
The hotel opened in August 2019 and is close to The Boeing Company’s Renton production facility and PACCAR Inc’s Kenworth truck assembly plant in Renton. Tukwila Station, serving the Sounder commuter rail, and Seattle-Tacoma International Airport are nearby as well.