HOUSTON, Feb. 3, 2016 /PRNewswire/ -- Moody National REIT II, Inc. ("REIT II") announced today that it has entered into an agreement to purchase the Marriott Springhill Suites Hotel (the "Springhill Suites Seattle") in Seattle, Washington for $74.1 million, excluding closing costs.
The Springhill Suites Seattle is a select-service hotel consisting of 234 guest rooms. Located on the southeast corner of Stewart Street and Yale Avenue in downtown Seattle, the Springhill Suites Seattle sits in one of the city's major transportation routes with ready access to the corporate homes of Amazon, Microsoft, Nordstrom and REI. Additionally, Seattle is home to the flagship Starbucks, the original Boeing, Costco and United Parcel Service. The hotel is located within close proximity to Puget Sound and is walking distance to the Seattle Space Needle.
"Located in a downtown, global gateway city accommodating travelers from around the world, and home to companies including Amazon, Microsoft, Boeing and Starbucks, this investment presents itself as an attractive addition to our portfolio," commented Brett Moody, CEO and Chairman of REIT II.
According to Forbes magazine, Seattle was ranked as the number one best city for jobs in 2015. Due to its geographic location, Seattle is a national hub for manufacturing, technology industries, international business, trade and tourism. Seattle is well-known for its cultural diversity, reliable transportation infrastructure and local pride in preserving the city's culture. The Springhill Suites Seattle is positioned to strongly benefit from Seattle's demand from both business and leisure travelers.
About Moody National REIT II, Inc.
Moody National REIT II, Inc. is a publicly registered, non-listed REIT that acquires select-service hotels in major markets across the United States. Moody National REIT II, Inc. is sponsored by Moody National REIT Sponsor, LLC, an affiliate of the Moody National Companies, a full-service commercial real estate company that includes mortgage, development, management, realty, title and insurance divisions. Founded in 1996, Moody National Companies has managed over $2 billion in commercial real estate.
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SOURCE Moody National REIT II, Inc.