CBRE arranges $54 million in CMBS financing for Courtyard by Marriott in downtown Bellevue

CBRE has arranged $54,000,000 in financing for the Courtyard by Marriott Bellevue-Downtown, a 253-room full-service hotel at 11010 NE 8th St in Bellevue, Washington. The 10-year, fixed-rate CMBS loan features a full interest-only structure and closed on March 16th.

The CBRE Debt & Structured Finance team of James Bach, Regina Wang, Nic Alfieri, and Nick DaValle, arranged the financing on behalf of the borrower.

The hotel is a five-story property built in 2005 in downtown Bellevue's central business district, situated within walking distance of major employers. The property underwent nearly $810 million in interior renovations between 2018 and 2024, including common-area upgrades, a full-room renovation, and a new fitness center.

Since CBRE began underwriting the asset in the summer of 2025, the property has consistently reported trailing 12-month occupancies above the long-run Seattle market average, according to CBRE Hotels research.

"Bellevue has continued to attract institutional capital despite a hotel lending environment where many markets have seen lenders pull back significantly," said Wang. "The property's occupancy premium over the broader Seattle market, combined with its position adjacent to one of the region's densest tech employment clusters, gave lenders a clear line of sight on demand fundamentals."