Renton hotel sells for nearly $38M

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Originally published on www.djc.com, by Journal Staff

RENTON — A fairly new Residence Inn by Marriott, at 1200 Lake Washington Blvd. N. in Renton, sold for over $36.7 million, according to King County records.

The seller was RI Renton Property LP, associated with Texas Western Hospitality, which acquired the land in 2014 for $1.5 million, then developed it. The buyer was M2 Renton LLC, associated with MCR hotels of Dallas. Brokers were not announced. The deal was worth about $251,644 per room key.

Completed circa 2019, the five-story building has 146 rooms and 147 mostly structured parking stalls. It was designed by Jensen Fey (now Jensen Design Architects) and built by EBCO. The hotel is one of two right next to Southport, which also has its own hotel, on the south end of Lake Washington. All are next to Gene Coulon Memorial Beach Park.

MCR appear to be new to the Pacific Northwest. It lists 110 hotels in 33 states, operating under different brands. Some are owned by via REITs. It values its approximately 15,000-room portfolio at about $4 billion.

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