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The Maxwell Hotel in Seattle – Image Credit Maxwell Hotel
JLL’s Hotels & Hospitality Group arranged the financing for a 139-key hotel in Seattle’s Queen Anne neighborhood
Seattle’s The Maxwell Hotel has secured a $29.5 million refinancing deal. The 139-room boutique hotel is located in the Queen Anne neighborhood of the city. JLL’s Hotels & Hospitality Group arranged the deal on behalf of Staypineapple, the borrower.
The loan, which offers a fixed rate for 10 years, was obtained through a regional credit union. The five-story hotel, which opened in 2010, offers a range of amenities such as spacious rooms, an indoor pool, a fitness center, an on-site bar and restaurant, and 1,600 square feet of meeting space.
The Maxwell Hotel is located on Roy Street, within walking distance of several major attractions, including the Seattle Center, Space Needle, and Climate Pledge Arena. Its location within one of Seattle’s affluent neighborhoods provides the hotel with a range of dining, shopping, and entertainment options, making it an attractive choice for leisure and business travelers.
The refinancing process was managed by a team from JLL’s Debt Advisory division, led by Managing Director Adrienne Andrews and Analyst Jessica Mehra. According to Andrews, the hotel’s strong cash flow, prime location, and experienced management made it an appealing financing opportunity. Many lenders expressed interest due to the hotel’s consistent performance and Seattle’s resilient lodging market. The regional credit union was selected as the most suitable financing partner due to its flexibility and alignment with Staypineapple’s objectives.
Dina Belon, President of Staypineapple, expressed satisfaction with the refinancing outcome and appreciation for JLL’s expertise and efforts. She hailed the team’s ability to navigate complex scenarios and find a lender that matched Staypineapple’s long-term vision. Staypineapple, which operates 10 boutique hotels across the U.S., is planning further growth.
Over the past five years, JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor, totaling $83 billion globally. The group, consisting of 370 members across 20 countries, has also closed over 7,350 advisory, valuation, and asset management assignments.
