Overview
HREC Investment Advisors is pleased to present the opportunity to acquire the fee simple interest in the Washington State Five-Hotel Portfolio, consisting of the 120-key Courtyard Richland Columbia Point, the 116-key SpringHill Suites Kennewick Tri-Cities, the 120-key Hilton Garden Inn Kennewick Tri-Cities, the 120-key Courtyard Walla Walla, and the 176-key Hilton Garden Inn Wenatchee (“Hotels, “Properties,” or “Portfolio”).
Investment in the Washington State Five-Hotel Portfolio offers an ownership stake in five institutional-quality Hotels located in three strategic Pacific Northwest markets within Washington state. With a total of 652 guestrooms, the Portfolio provides an opportunity to deploy substantial equity capital across high-quality assets with top-tier brands from Marriott and Hilton, each positioned to capture strong, diversified demand. The Tri-Cities market has several major employers in government and food processing. Walla Walla is better known for a tourist-driven economy with its many wineries, and Wenatchee, the “Apple Capital of the World”, has a major agricultural base.
Unlike typical portfolio offerings, where lower-performing assets are often packaged alongside stronger properties, each hotel within the Portfolio demonstrates consistent and meaningful cash flow, with every asset generating more than $1M in NOI annually. This rare consistency across the Portfolio provides immediate scale, stable in-place cash flow, and eliminates the need to assume execution risk on underperforming assets.
The portfolio includes the following Hotels:
Courtyard Richland Columbia Point
- 120 Keys
- Built 2004
- Full $6 Million Renovation 2025
- Leasehold (Municipal Ground Lease)
Springhill Suites Kennewick Tri-Cities
- 116 Keys
- Built 2015
- 7-year Cycle Refresh Upcoming
- Fee Simple
Hilton Garden Inn Kennewick Tri-Cities
- 120 Keys
- Built 2004
- Full $5 Million Renovation 2026
- Fee Simple
Courtyard Walla Walla
- 120 Keys
- Built 2015
- 7-year Cycle Refresh Upcoming
- Fee Simple
Hilton Garden Inn Wenatchee
- 176 Keys
- Built 2019
- 7-year Cycle Refresh Upcoming
- Fee Simple
With two of the assets coming off significant renovations, creating immediate topline upside, several of the assets are approaching the typical seven-year brand refresh cycle, presenting a near-term opportunity for a new owner to implement brand-standard upgrades and strategically reposition the remainder of the portfolio. Given the assets’ strong underlying performance and institutional quality, targeted capital investment is expected to drive meaningful ADR growth and enhance long-term competitiveness.
*These Hotels can be purchased individually or as a portfolio.
Investment Highlights
Institutional Quality Assets
The five assets, all developed by the current ownership group, reflect institutional-quality construction and highlight the sponsor’s in-house development capabilities.
Highly Competitive Assets
As of the June TTM period, all of the properties are achieving a RevPAR penetration of over 100%, with the Hilton Garden Inn Wenatchee and Springhill Suites Kennewick Tri-Cities typically running over 130%.
Entire Portfolio Cash Flowing Significantly
Each individual Property in this portfolio achieves more than $1M in NOI. In 2025, the Portfolio achieved a combined NOI of nearly $9M, despite one asset being closed while undergoing renovations.
Diverse Employment and Demand Drivers
These properties provide a unique combination of employment bases, with influence from government, agriculture, tourism, healthcare, and major employers such as Hanford Nuclear Site, Pacific Northwest National Laboratory, Tyson Foods, and Whitman College. The hotels also benefit from demand generated by the Tri-Cities Airport, which has nonstop service to major hubs in the western part of the United States, supporting both corporate and leisure travel to the market.
Active Capital Invested
The Courtyard Richland and Hilton Garden Inn Kennewick recently completed full renovations totaling $11 million. Ownership has also invested approximately $3 million in renovations at each of the other three Properties, addressing capital needs as they arise. As a result, these Properties are well maintained and are not expected to require significant renovations until the typical seven-year renovation cycle.
Synergistic Operational Benefits
Since the three Tri-Cities assets are centrally located, while Walla Walla and Wenatchee are within a one- to two-hour drive, consolidating operations would drive significant regional efficiencies. Key leadership roles, such as General Manager, Chief Engineer, and Director of Sales, could be easily shared across the Tri-Cities Properties, enhancing operational coordination and reducing overhead if the properties are acquired together.
Premium Branded Hotels
The Portfolio is affiliated with Marriott and Hilton, providing access to two of the most powerful reservation systems and loyalty platforms in the industry. Marriott Bonvoy (~295M+ members) and Hilton Honors (~250M+ members) drive significant direct demand, supporting occupancy, ADR growth, and reduced reliance on OTAs. These affiliations also provide global sales reach, strong brand recognition, and institutional operating standards that enhance long-term asset performance.
Unencumbered by Management
This Portfolio is being sold unencumbered by management, allowing the investor flexibility to implement their own management platform and operational strategy. Without termination fees or legacy issues, the investor can bring in their own operator, improve margins, and allow this portfolio to align with their standards. This will help position the assets for potential margin expansion and NOI growth.
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