AVANA Capital announced earlier this week that it has provided a $19 million loan to fund the construction of a Hilton Garden Inn hotel in Lynnwood.
The hotel, located near the Lynnwood Convention Center, will be the city’s first new hotel in five years.
Developer Nick Patel and his management company Kalyan Hospitality own ten hotels in Virginia and two hotels in Washington state. “We believe the expanding retail and service corridor along with the convention center present a growth opportunity,” Patel said. “Lynnwood is an up-and-coming area that needs a new, contemporary-style hotel to target the millenial market, corporate travelers and young families.”
The hotel, set on two acres, is expected to have 155 rooms and a casual dining restaurant that seats 66 customers, along with a fitness center, indoor swimming pool and terrace area, among other amenities.
For more information, read the full press release from PRNewswire here.