Marriott Set to Snag Tacoma Convention-Goers
Now under construction, a 22-story 304-room full-service Marriott hotel will feature 9,000 square feet of event space and a 10,000-square-foot ballroom directly connected to the Tacoma Convention Center.
TACOMA, WA—A 22-story 304-room full-service Marriott hotel, now 30% complete, will feature 9,000 square feet of event space and a 10,000-square-foot ballroom. Furthermore, it will benefit from being directly connected to the Greater Tacoma Convention Center, one of the largest meeting locations in the Pacific Northwest.
The hotel is located in Tacoma’s tourism corridor surrounded by museums, dining, shopping, day spas, art, golf and other attractions which helped drive record-setting visitation to Tacoma in 2017. Moreover, Tacoma is home to a range of large corporations including Boeing, MultiCare Health System and TrueBlue.
3650 REIT recently facilitated a $78 million construction loan to Yareton Investment LLC to complete the development of the hotel. With this loan, Yareton Investment is able to advance the development of the hotel component of its broader mixed-use project that includes a residential tower to accommodate the needs of local residents and University of Washington Tacoma students.
“This deal presented a unique opportunity to partner with a high-quality sponsor who is pursuing the development of a transformational project that will advance the revitalization of downtown Tacoma,” said Jonathan Roth, co-founder and managing partner at 3650 REIT. “With its premium amenities, proximity to the light rail service and direct connection to the convention center, the hotel should experience consistently high levels of demand.”
This is the only hotel that is immediately adjacent and directly connected to the convention center. As a result, the hotel is well positioned to benefit from strong demand drivers for business, leisure and group travel, which will have a direct impact on business travel traffic and other visitor revenue, GlobeSt.com learns.
“The presence of a convention center hotel attached to the convention center is expected to significantly increase convention center traffic, as the convention center did not previously have a dedicated convention center hotel and the city of Tacoma had a limited supply of hotel rooms to support larger events,” Roth tells GlobeSt.com.
Matt Fisher at Pacific Northwest mortgage banker, JS Coats Capital LLC, was responsible for arranging the financing. 3650 REIT is a relationship lender providing fixed-rate bridge and long-term financing solutions to commercial real estate investors.
“The experienced team at 3650 REIT is familiar with the Tacoma market, recognizes the potential of our project and worked diligently to structure a financing solution that will enable the completion of what will be the area’s premier full-service hotel,” says Fei Xie, Yareton Investment general manager.
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