Lowe JV sells Seattle hotel for $127m
Lowe Enterprises Investors has sold a Seattle hotel on behalf of a national hotel investment venture with The Guardian Life Insurance Company of America and a subsidiary of Allstate Insurance Co. The buyer was Cornerstone Real Estate Advisers.
The sale of the Motif Seattle by Destination Hotels & Resorts was announced last week. Financial terms were not disclosed, but Real Capital Analytics reports the sales price was $126.9 million, or $397,912 per unit.
The transaction is the first disposition of behalf of the venture. The firms acquired the 319-room hotel in 2011 for $71 million and immediately