Hyatt Place At Seatac Airport

Project Description

The Partnership was organized for purposes of making a loan (the “Loan”) to Angle  Lake Hotel, LLC,  a Washington limited  liability  company  (the “Project  Company”),  which shall  use  the  proceeds  of  the Loan for  the development, management, and operation of a Hyatt Place hotel (the “Hotel”), to be located in SeaTac, Washington.  The Hotel will occupy a total of approximately 128,589, square feet and consist of approximately 150 room units in a 6-story structure, 2 floors of parking with approximately 118 parking stalls, meeting space, room service, and other guest amenities, including in-room kitchens and living areas, free internet, and adjacent  park  amenities.

The Hotel will be a 152-room upscale selective-service, three-star hotel to be located in the city of SeaTac, Washington, approximately 0.8 miles (1.3 km) from Seattle Tacoma International Airport. The Hotel will feature amenities such as separate living areas, free internet, meeting spaces, and parking stalls. Furthermore, the Hotel will offer guests expedient access to Angle Lake Park, a nearby public park, as the Project Company has secured an easement allowing access from the Hotel to Angle Lake Park at the signalized intersection of International Boulevard and South 195th Street.

Project Timeline

Based on the current Project schedule, it is anticipated that the Project will begin construction in the spring of 2014. At or prior to the closing of the Offering, the Property will be acquired by the Project Company from an entity affiliated with the Project Company for the sum of $3.5 Million. Demolition of the current building on the Property will require approximately 6 months completing. Thereafter, construction of the Hotel and installation of the fixtures and furniture will require approximately 20 additional months to complete. Provided that the development of the Project progresses to completion as scheduled, the opening of the Hotel is expected to occur in the summer of 2016. The Project Company projects that the Hotel will realize stabilized operations by the fall of 2018.