LOS ANGELES, California—RobertDouglas announced that it advised Braemar Hotels & Resorts, Inc. on the sale of the Marriott Waterfront Seattle to a joint venture between Sixth Street Partners and Riller Capital. The 369-key hotel is operated under a long-term management agreement with Marriott International. The sale price of $145 million ($393,000 per key) with anticipated capital expenditures of $7 million represents an 8.1 percent capitalization rate on net operating income for the trailing 12-month period that ended May 31, 2025.
The Marriott Seattle Waterfront offers newly renovated nautical-themed guestrooms; an M Club Lounge; approximately 17,000 square feet of meeting space; and the only indoor and outdoor hotel pool in downtown Seattle.
“This transaction reflects strong investor conviction in the long-term fundamentals of the Seattle lodging market, particularly in the downtown core,” said Patrick Tan, senior vice president at RobertDouglas. “This generational asset benefits from a diverse and durable set of demand generators – most notably its adjacency to the cruise port, which is on track for a record year.”
“We are proud to have advised Braemar on a transaction that attracted significant institutional interest and showcased the depth of capital pursuing high-quality lodging assets,” said Stephen O’Connor, principal and managing director at RobertDouglas. “The sale supports Braemar’s broader portfolio strategy – enhancing the balance sheet while further aligning the portfolio with the luxury hotel segment.”
