The FINANCIAL -- Cushman & Wakefield announced on June 24 that it represented Kemper Development Company in the $110 million refinancing of The Westin Bellevue hotel, located in downtown Bellevue, Washington. The financing was provided by MetLife.
The Westin Bellevue is a recently renovated, AAA Four-Diamond award-winning hotel located in the heart of unparalleled shopping, dining, and entertainment. The Westin is one of the top meeting locations in the city and houses 21 meeting rooms totaling over 35,000 square feet, according to Cushman & Wakefield.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Dan MacDonnell, Stephen Michels, Chris Moyer and Nik Feldman, represented Kemper Development Company in the financing.
“The Westin Bellevue Hotel is perhaps the top hotel in the market and an integral part of The Bellevue Collection,” said Karson, a Cushman & Wakefield Executive Managing Director. “Sitting in between the Hyatt and the new Lincoln Square expansion, the hotel sits at the center of the city, with easy access to what will soon include over 60 restaurants and Bellevue’s best amenities. We’re pleased that MetLife recognized this and dramatically improved their loan on the asset.”
“We are very pleased to represent one of the top owners in the Pacific Northwest and work with a strong lender in the transaction,” said Dan MacDonnell, a Cushman & Wakefield Senior Managing Director. “We presented our client with multiple fixed and floating rate options with terms up to thirty years. With rates starting to rise, we were pleased to lock in favorable long-term rates combined with other advantageous financing terms for our client.”
Other amenities at the hotel include the Cypress Lounge & Wine Bar, a 24-hour fitness center, a full-service business center, an indoor heated 25-meter lap pool, and Truce Spa. The Westin is part of The Bellevue Collection, a 4 million square foot premier collection of connected mixed-use properties. The Bellevue Collection includes the award-winning 1.3 million square foot shopping center, Bellevue Square, two Class A office towers with more than one million square feet, the 732-room Hyatt Regency Bellevue, 148 luxury high-rise condominiums, and coming in 2016/2017, a new 707,000 square foot Class A office tower, a 245-room W Hotel, 231 luxury residences and 177,000 square feet of retail.