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SEATTLE-Now that Marriott International has completed its 358-room on the Downtown Seattle waterfront, it’s selling the property to CNL Hospitality Properties and continuing on its operator. CNL, a public but unlisted REIT based in Orlando, FL either recently has or soon will pay approximately $89 million for the brand new hotel built by Bethesda, MD-based Marriott.

According to CNL’s public filings, approximately $88.9 million is due upon completion of the hotel, for which a formal opening ceremony was held on Thursday. King County hasn’t yet recorded the transaction, however, and the only Washington State asset CNL has listed on its Web site is the 250-room Seattle Courtyard Marriott on Seattle’s Lake Union, which it acquired in 1999 for $34.1 million.

Overlooking Elliott Bay, the Seattle Marriott Waterfront is a concrete structure that sits on a 64,000-sf lot across from Bell Harbor International Conference Center, at the north end of Seattle’s downtown waterfront. The site is within walking distance of Pike Place Market, the Seattle Aquarium, the Space Needle and the Seattle Center, and a trolley ride away from the city’s Pioneer Square nightlife and major league sports stadiums.

All rooms have views of Elliott Bay and the Olympic Mountains, and half of them have balconies. Aside from its views, the hotel’s signature feature is its restaurant, the Fish Club, the first Northwest restaurant for celebrity chef Todd English, whose Olives restaurants are located in the Bellagio Hotel in Las Vegas, in the St. Regis Hotel in Aspen, CO and in Downtown Washington D.C.

The hotel itself sports a full service business center, 11 meeting rooms with high speed wireless access and a 7,937-sf ballroom. Other hotel features include a 24-hour fitness center, an indoor/outdoor pool and whirlpool, a gift shop, guest laundry and laundry valet service. A concierge level with upgraded amenities and concierge lounge serving daily continental breakfast and cocktails is also available.

CNL Hospitality Properties acquired its first property in 1998. Today, the company owns, directly or indirectly, 14,000 rooms in 55 hotels in 21 states, and is under contract to acquire an additional 9 hotels that would bring the total portfolio to 16,896 rooms in 64 hotels worth approximately $2.3 billion. CNL is a subsidiary of CNL Financial Group Inc., one of the largest privately held real estate investment and finance companies in the United States.

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