According to king county officials, the REIT inked a deal to buy the property for $26.9 million, using the name AHT Redmond Inc. Marriott International will most likely continue operating the hotel.
Western International still plans to proceed with its full-service Marriott Hotel development on a two-acre site near the Marriott Residence Inn site. Western International will construct a seven-story, 262-room hotel on the site. The hotel is expected to open by the end of 2004.
The new hotel will be an addition to the Redmond Town Center, which currently features 523,000-sf of main street retail and big box space, with tenant roster that includes Borders, Eddie Bauer, Bed Bath & Beyond, Larry's Market and a Loews Cineplex; the Residence Inn, and nearly 700,00-sf. of office space housing the world headquarters of AT&T Wireless and other major tenants. When completed, the property is expected to include nearly two million-sf of space, with the possibility of additional retail and an upscale residential component being added at a future date.
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