Motel 6 Bellingham - Investment Opportunity
3701 Bill McDonald Parkway, Bellingham, WA, 98225, US
60 units
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.