A Puget Sound real estate development firm received financing for a hotel slated to anchor a 20-acre master-planned development in the Seattle suburb of Woodinville, Washington.
Woodinville Hotel Partners, based in Kirkland, Washington, received a $52 million construction loan for the 164-room Somm Hotel and Spa, Autograph Collection, a luxury property under construction at 14485 Redmond-Woodinville Road NE, according to Hall Structured Finance, a Dallas-based direct private lender that originated the loan.
Somm Hotel and Spa is being built in Harvest, a town square-style development slated to have nearly 100,000 square feet of restaurants, bars, wine-tasting rooms and other services, and hundreds of apartments and townhouses, according to a Hall statement.
The hotel and 5,661-square-foot spa are designed to include a restaurant, rooftop bar, meeting space and 9,000 square feet of retail. The retail portion of Harvest, to include wine-tasting rooms, restaurants and other facilities, is slated to be finished late next year, according to a statement in February by Harvest's developer.
Hall did not disclose a completion date for the hotel or multifamily properties now under construction in the Harvest project. The lender said in the statement that another 80-unit residential project is scheduled to break ground next year.
The developers hope to tap into business demand in Woodinville, a city in the Sammamish River Valley that is becoming increasingly known for its wineries, high-end restaurants and artisan shops.
Woodinville, about 20 miles northeast of Seattle, is also near such global companies as Microsoft, which has its headquarters in Redmond to the south, and other companies with major facilities in greater Seattle, such as SpaceX, Google, T-Mobile, Amazon and Meta.
Woodinville Hotel Partners is developing the hotel with its equity partner Alco Investment Co., based in Kent, Washington.