Hyatt is Seattle’s Newest Luxury Hotel
Newmark Knight Frank recently arranged a $130 million floating-rate loan for the refinancing of the Hyatt Regency Lake Washington, with financing provided by Mirae Asset.
RENTON, WA—Hyatt Regency Lake Washington is the only waterfront hotel on Lake Washington with convention and meeting space. Located at 1053 Lake Washington Blvd. North, the property is a newly completed four-star 347-key full-service hotel constructed on the southern shore of Lake Washington.
On behalf of SECO Development, Newmark Knight Frank recently arranged a $130 million floating-rate loan for the refinancing of the hotel. Newmark Knight Frank vice chairmen and co-heads of debt and structured finance Jordan Roeschlaub and Dustin Stolly, along with Nick Scribani, Chris Kramer and John Gallagher, secured the loan. The loan was provided by Mirae Asset.
The Hyatt is the newest luxury hotel in the Seattle market, located within the sponsor’s 17-acre Southport on Lake Washington mixed-use master plan development. The hotel has convenient access to downtown Seattle and Bellevue, and some of the area’s most notable destinations such as Mount Rainier National Park and Gene Coulon Memorial Beach Park.
The property’s guest rooms include 31 suites, each outfitted with an amenity package that is desirable within the competitive market. The amenities include 65,000 square feet of indoor and outdoor space, meeting/conference facilities, a ballroom, a fitness center, a pool, a spa and multiple dining options.
“The SECO Development team has created a truly best-in-class hotel to complement the larger Southport on Lake Washington master-planned development located directly on the lake front,” said Roeschlaub.
And, the property is quickly establishing itself as a lodging facility for group business due to its guest room mix, and flexible meeting and event space. The hotel is centrally located amid some of the largest employers in the Greater Seattle area including Boeing, Amazon, Microsoft, Google, Starbucks, Kaiser Permanente, Providence Health and Services, and the University of Washington. The hotel’s location has already drawn interest from several nearby employers for group booking. Amazon, Microsoft, T-Mobile, Concur and the University of Washington have each already booked group events or have events planned at the property.
“The Hyatt Regency Lake Washington stands out among its peers as the premier hotel product in the Seattle market, with 65,000 square feet of indoor and outdoor meeting space, renowned food and beverage outlets and world-class amenities,” said Stolly.
The property is also highly accessible to the entire Seattle metro area via Interstates 5, 90 and 405, and within proximity of three of the region’s airports–Seattle-Tacoma International Airport (8.5 miles), Boeing Field (11.5 miles) and Renton Municipal Airport (2.5 miles). This midpoint location of Southport between those cities and airports remains easily accessible, a locational advantage for luxury housing, retail, office and hotels.
“The demographics in Renton are continuing to shift and we’re seeing more development in the area mostly because of a steady movement of companies relocating outside of Seattle proper,” Kramer tells GlobeSt.com.
Incorporated in 1989, SECO Development specializes in infill and high-end mixed-use projects, and has been involved in the largest mixed-use developments in the region, including 17.5 acres in downtown Bellevue, 12.95 acres in Kirkland, 3.85 acres on Mercer Island and 33.2 acres in Renton. It focuses on developing urban sites while preserving the natural environment. Its vision of incorporating high-quality housing with retail, office, hotel and parking structures creates effective master-planned communities.
In the past five years, hotels in downtown Seattle achieved high rates of occupancy and rapid increases in room prices, according to a report by Kidder Mathews. This positive performance sparked the interest of hotel developers and was the catalyst for several projects.
With nearly 2,500 new rooms opened in Seattle in the past two years and 1,600 rooms under construction, conditions now appear to be softening. It’s safe to expect that occupancy rates in the downtown core will decline despite continued growth in demand, says the Kidder report.