SEATTLE—Union Investment has acquired the Hilton Garden Inn here for $90 million. The property is located at 1821 Boren Ave. and is the company’s first hotel acquisition on the West Coast. The Hamburg, Germany-based real estate investment manager has already acquired three hotels in Boston, Chicago and New York since 2015.
Touchstone developed the Hilton Garden Inn property, which opened in June 2015. The hotel has 222 rooms, including six exclusive suites, across nearly 153,000 sq. ft. of usable space. The building has a 30-year lease and is a further addition to Union Investments open-ended real estate fund Unilmmo: Europa, which has invested in Seattle since 2003 and keeps two office properties in the city.
“This acquisition clearly shows that our hotel investment radar also includes attractive locations on the West Coast of the U.S.,” said Andreas Löcher, head of investment management hospitality at Union Investment. “Successful tech companies such as Amazon, Microsoft and innovation leaders in the field of biomedicine promise a prosperous future for the city. Increasing demand for office space also opens up excellent outlook for hotel investments.”
Facilities include a business center open 24/7, an indoor pool, fitness room, restaurant and bar. Meeting rooms accommodate events with up to 145 attendees. There is also a Pavilion Pantry Market that is open 24 hours a day.
The new acquisition in Seattle sees Union Investment’s hotel portfolio increase to 61 hotels with a total of just under 17,000 rooms, according to the company.