Stonebridge Buys Seattle Hilton from R.C. Hedreen for $60M
- Jul 13, 2012
In a deal valued at $60 million, Stonebridge Cos. has acquired the Seattle Hilton from R.C. Hedreen Co., the Puget Sound Business Journal reports. The 237-key property, which will continue to operate under the Hilton flag, is located at 1301 Sixth Avenue in Downtown Seattle.
Englewood, Colo.-based Stonebridge, which operates 42 hotels nationwide, has a lengthy track record in the Puget Sound hospitality market. It previously owned a Homewood Suites near the Washington State Convention Center, which it sold to Chesapeake Lodging Trust of Annapolis, Md.
Elsewhere in the metropolitan Seattle market, Stonebridge developed a SpringHill Suites in Bothell about a decade ago. The company has since sold the property.
R.C. Hedreen said that it will use proceeds from the sale to finance a pending acquisition but declined to provide further details, citing a non-disclosure agreement.
Photo courtesy of hilton.com