Puget Sound area could see uptick in hotel acquisitions in 2012

7 Feb, 2012

An item in the Puget Sound Business Journal reports on Seattle-based commercial real estate brokerage firm Kidder Matthews, which says hotel sales should pick up this year in response to an improvement in hotel occupancies and room rates in the Puget Sound area. The firm said that hotel real estate investment trusts are back in the game "picking up top-tier hotel properties in anticipation of a significant near-term bump in room rates as the post-recession economy continues to recover." The largest transaction in 2011 in the the area was the $71 million sale of the 297-room Red Lion Hotel in Seattle. In terms of metrics, luxury properties had a 5.2-percent jump in room rates from an average room rate of $174 in 2010 to $183 in 2011.