DoubleTree Spokane City Center
Spokane, WA
Located along the Spokane River in the heart of downtown between the First Interstate Center for the Arts and the Spokane Convention Center, the DoubleTree Spokane City Center is perfectly positioned to capture both the leisure traveler and group business. Upon acquisition in December 2024, the process began to undergo the first full property renovation and update since 2016. The overall scope includes updating of the guest rooms and the 20,000+ sq ft of meeting space, along with a repositioning of the food and beverage experience.
Asset Type
Hotel
ACQUIRED
December 2024
Scope
375 Keys
Key Investment Thesis
Opportunity to develop a well-located hotel in a high growth and burgeoning lodging market, providing highly attractive annual cash flow returns for investors.
- Post development recapitalization providing opportunity for new investors to participate in return growth as the hotel reaches stabilization
- Rare off-market ground lease opportunity sourced through the Reno-Tahoe Airport Authority, with development option for adjacent land
JMA Value Creation
JMA developed the project on schedule and on budget, successfully delivering the hotel at an attractive basis. JMA then provided significant value for its “Phase 1” investors by recapitalizing the hotel in August 2022, with 4x gross returns on initial investor equity.
Quickly ramped up asset towards stabilization, despite hotel opening only months after the onset of the pandemic
Successful Phase I exit with substantial investor returns, while allowing Phase 2 investors to participate in continued upside as the property nears full stabilization
Negotiated accretive ground lease with Reno Airport Authority that features zero property tax
Managed full development and operation process from inception to hotel opening, delivering on budget in a volatile construction market
