Cedarbrook Lodge, a luxury hotel located near Seattle-Tacoma International Airport, has obtained a new loan as the market for upscale accommodations remains robust.
Loan Details and Hotel Overview
The 167-room Cedarbrook Lodge, situated in SeaTac, recently finalized a $40 million refinancing deal. The loan was provided by Acore Capital, according to public records. The property, which opened in 2002, is owned by Columbia Hospitality and managed by Benchmark Pyramid.
Market Conditions and Performance
Industry analysts report that luxury hotels in the Seattle area have experienced steady demand throughout the past year. According to STR, an industry data provider, the average daily rate for luxury hotels in the region reached $338 in 2023, representing a 7% increase from the previous year. Occupancy rates for this segment averaged 72%, slightly higher than the national average for luxury hotels.
Future Plans and Investments
Representatives from Cedarbrook Lodge stated that the new financing will be used to support ongoing property improvements and operational enhancements. “This loan positions us to continue delivering exceptional guest experiences while investing in our facilities,” a spokesperson said.
Location and Amenities
Cedarbrook Lodge is located at 18525 36th Avenue South in SeaTac, less than two miles from Seattle-Tacoma International Airport. The property features 21,000 square feet of meeting space, a full-service spa, and a restaurant that sources ingredients from local farms.
Additional Information
Further details about the refinancing and Cedarbrook Lodge’s future plans can be found at this link.
