German investor buys first hotel on West Coast
Hamburg-based Union Investment has acquired the Hilton Garden Inn hotel in downtown Seattle for $90 million, marking the company’s first hotel acquisition on the West Coast.
The property is located at 1821 Boren Ave. Touchstone, a Seattle-based company, developed the hotel, which opened in June 2015. The hotel has 222 rooms, including six exclusive suites, across approximately 153,000 square feet of usable space. In addition, the property includes a business center, indoor pool, fitness room and meeting rooms for events with up to 145 attendees.
The acquisition is a further addition to Union Investment’s open-end real estate fund Unilmmo: Europa, which has been invested in Seattle since 2003 and keeps two office properties in the city.
The new acquisition sees Union Investment’s hotel portfolio increase to 61 hotels with a total of nearly 17,000 rooms. The value of the company’s hotel holdings has risen rapidly in recent years, and they are now worth app