How much would you pay for a parking lot?
Well, if it’s in a highly coveted place for development… a lot! This place is called Seattle and it is a pretty sexy place to own real estate. Recently the Standford Hotel Group bought a parking lot, 1/3 of an acre, for $16.75 million. This is actually about $13 million less than what a New York Group bought it for in 2007! Marc Stiles, from the Puget Sound Business Journal, covers this story and does an excellent job giving an overview of current hotel development in Seattle. Of course my favorite part is when he says….”Hotels are becoming a favored class among investors and developers.”
Check out the article: http://www.bizjournals.com/seattle/news/2013/09/24/hotel-group-buying-downtown-seattle.html?ana=e_du_pub&s=article_du&ed=2013-09-24&page=all