Representing the Seller of this Updated Property with Leased Restaurant
Crystal Investment Property, LLC (“CIP”), a member of Hotel Brokers International, announced the successful sale of the Packwood Lodge in Packwood, Washington. CIP, a licensed Washington brokerage, represented the Seller in the sale. Joseph P. Kennedy, President of CIP, and the CIP Team worked closely with the Buyer and Seller and the parties’ other professionals to negotiate a mutually acceptable sale. The final sale price is confidential.
Packwood Lodge is an independent, 30 key, select-service hotel with a leased restaurant. The property includes extensive capital improvements, 21 updated guest rooms or suites, and 9 detached cabins. In addition, the property features a lobby with a breakfast area, office, laundry room, Owner’s Quarters, and a hotel adjacent leased restaurant. Rooms and suites include flatscreen TVs, mini-fridges, microwaves, coffee makers, and high-speed wireless internet. Cabins, completed in 2019, feature a kitchenette, dining area, jacuzzi tub, bathroom with shower, and outdoor decking. Just 2.5 hours from Portland and Seattle metropolitan areas, the hotel is 4 miles from the Mt. Rainier National Park entrance, attracting visitors year-round.
Joseph P. Kennedy, President of CIP, said, “Long-term relationships with both the Seller and Buyer enabled CIP to put together a transaction swiftly upon taking the property on the market. This sale is an excellent example of how our connections lead to a successful closing for our clients. The Seller is pleased to continue to downsize their portfolio while the Buyer has been able to diversify their extensive regional holdings into a new market.”
About Crystal Investment Property, LLC
Crystal Investment Property, a premier hospitality investment advisory and brokerage company located in the Pacific Northwest, maintains the most cutting-edge technological, online, and social media presence as well as a full range of traditional and web-based marketing reaching local, regional, national, and international clientele. The firm’s core hospitality asset acquisition/disposition services are supported by innovative and creative solutions to maintain its position as the region’s most active and successful hotel broker. Crystal Investment Property represents the full spectrum of hospitality real estate owners. Their experience covers all hospitality asset types, including full-service hotels, boutique hotels, select-service hotels, limited-service hotels, development projects, and leasehold transactions. Visit Crystal Investment Property online at crystalip.com.
About Hotel Brokers International
Founded in 1959, Hotel Brokers International members lead the industry in hotel real estate sales. HBI hotel brokerage specialists have successfully negotiated more than 10,000 hotel real estate transactions and consistently account for the largest share of all select-service and economy hotel sales in the United States. The organization’s database currently includes more than 100 property listings and the HBI website attracts site visitors from around the world. HBI is the founder and administrator of the Certified Hotel Broker program – the industry’s only professional designation for Hotel Brokers. In addition to hospitality real estate advisory services, HBI offers affiliate membership to professionals in allied fields, including franchising, lending, appraisals, and investment services. For more information about HBI’s hotel listings or to become a broker or affiliate member, visit hbihotels.com.
Teri G. Beck, Marketing Director
Crystal Investment Property, LLC
Glenda J. Webb, Executive Director
Hotel Brokers International
Kansas City, Missouri