JLL, as exclusive advisor, is offering a unique opportunity to acquire the Embassy Lynnwood Hotel, a 240-room hotel located in Lynnwood, WA, with the goal of converting the hotel into approximately 240 apartment units.

Rooms are well designed and equipped to convert into one and two bedroom units. Additionally, the property’s excellent amenities, including a restaurant and bar, indoor pool, fitness center and 14,000 square feet of meeting and event space, will attract tenants from across the rapidly growing Lynnwood submarket. Having received nearly $11.6 million in investment since 2016, the property is well positioned to compete with newly constructed multifamily properties in the area. Lynnwood itself is poised for growth with the future opening of the Link light rail stop, located less than a mile or approximately a 15-minute walk from the property, providing Lynnwood with even greater access to the greater Puget Sound region. The property will also benefit from the planned expansion of downtown Lynnwood, with The District development enlivening downtown Lynnwood with an indoor and outdoor event center, a variety of local retailers and a farmers market.

Finally, JLL obtained a zoning and entitlement review from law firm Hillis Clark Martin & Peterson PS, which confirms that the property is amenable to redevelopment given current zoning and building regulations. The firm also confirmed its findings with a senior city planning official with whom it frequently speaks about entitlement and permitting issues.

Investment Highlights

• Premium comfort package with ongoing capital improvements to rival new construction in the area
• Conversion-friendly zoning and building design
• Significant discount on replacement costs
• Immigration and a strong demographic profile strengthen the fundamentals of the submarket
• Close to numerous shopping and entertainment options at Alderwood Mall, Alderwood Village and Lynnwood Town Square
• The proximity to I-5 and the future Link Light Rail station provide excellent access to the greater Puget Sound area and its numerous employment opportunities.

Further details can be found here.