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Motif hotel sells for $132M

An entity associated with Junson Capital of Hong Kong bought the Motif Seattle hotel, at 1415 Fifth Ave., for $132 million, according to King County records.

The seller was an LLC related to Cornerstone Real Estate Advisors, which acquired the property in 2014 for $127 million. Cornerstone is a subsidiary of MassMutual Financial Group.

The 19-story building was constructed as an office tower in 1973. It was later converted to a Red Lion Hotel. It has 319 rooms and 10 suites. Prior to the 2014 sale, it received a $25 million renovation by Destination Hotels & Resorts, a subsidiary of Los Angeles-based Lowe Enterprises Investors. It then became the Motif in 2014, when Cornerstone assumed ownership.

The 29,640-square-foot property extends through the block bounded by Fourth and Fifth avenues and Union and Pike Streets. It has underground parking for 127 vehicles. Elephant & Castle operates in the partly below-grade restaurant space facing Fifth.

http://www.djc.com/news/re/12108078.html

 

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