Embassy Suites by Hilton Lynnwood_Property for Sale
Embassy Suites by Hilton Lynnwood_Property for Sale
20610 44th Avenue West, Lynnwood, WA, 98036, US

Embassy Suites by Hilton Lynnwood

Asset Description

JLL, as an exclusive advisor, is pleased to present the unique opportunity to acquire the Embassy Lynnwood Hotel, a 240-key hotel in Lynnwood, WA with the purpose of converting the hotel into approximately 240 apartment units.


The rooms are well designed and equipped to be converted into one- and two-bedroom units. Furthermore, the Property’s superb amenities including a restaurant and bar, indoor pool, workout facility, and 14,000 SF of meeting and event space will attract renters from all over the rapidly expanding Lynnwood submarket. Given the Property has received almost $11.6M in capital expenditures since 2016, it is primed to compete with newly-constructed multifamily properties in the area. Lynnwood itself is poised for growth with the future opening of the Link light rail station located less than a mile or around a 15-minute walk from the Property, giving Lynnwood even more connectivity to the greater Puget Sound region. The Property will also benefit from the planned expansion of Lynnwood’s city center with the development of The District activating Downtown Lynnwood through an indoor and outdoor event center, a variety of local retail, and a farmers’ market.


Finally, JLL has received a zoning and entitlement review from law firm Hillis Clark Martin & Peterson P.S. confirming the ability for the Property to be converted given the current zoning and building design. The firm also confirmed its findings with a senior City planning official whom they frequently speak with on entitlement and permitting issues.

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Attributes

Number of units
240
Year built
1992
Year renovated
2006
Building area gross
18,050 m²
Land area net
1.84 ha
Parking spaces
318

Media

Investment Highlights

  • Best-in-class amenity package with continued capital improvement rivals that of new-construction in the area
  • Zoning and building design supportive of conversion
  • Significant discount to replacement cost
  • In-migration and strong demographic profile bolster submarket fundamentals
  • Proximity to variety of retail and entertainment at Alderwood Mall, Alderwood Village, and Lynnwood Town Square
  • Proximity to I-5 and future Link Light Rail station provide terrific connectivity to the greater Puget Sound and its variety of employment drivers
Embassy Suites by Hilton Lynnwood 4_Property for Sale
Embassy Suites by Hilton Lynnwood 4_Property for Sale

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Embassy Suites by Hilton Lynnwood (0 Properties)

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Last updated
13 Sep 2024