The Seattle Times had an interesting article on hotel / condos in downtown Seattle with a focus on Hotel 1, which will begin sales in the next few weeks.
"Married with two young children, McEvoy, 42, expects to spend about $600,000 when "1" begins sales of condo-hotel rooms in the next few weeks. He also hopes the revenue-sharing agreement with the hotel will cover his monthly mortgage payments.
McEvoy figures it roughly like this: He'll make a down payment of $240,000, and get a 30-year loan with a 6.88 percent interest rate for the rest, with a monthly mortgage payment of $2,366, not including property tax, insurance and homeowner fees. He estimates that to cover the mortgage payment, hotel management would need to fill his room 22 days or more a month at a daily rate above $300, and return at least 40 percent of the revenues to him."
If you are considering Hotel "1", you might want to know these numbers:
The average hotel-room rate in downtown Seattle was $173.83 in the first half of 2007, up from $162.76 during the same period last year, according to the Seattle Convention and Visitors Bureau.
Downtown's hotel-occupancy rate also rose, to 73.5 percent from 72.4 percent.
"1" will be in the "very-high-end range," or somewhere between $290 and $400 a night based on prices that some of downtown's most expensive hotels charged last month.
