Expedition Capital Advisors LLC

EXPEDITION INVESTS IN RESIDENCE INN DEVELOPMENT IN SEATAC (SEATTLE), WASHINGTON

December 7, 2016 | SEATTLE, WA - Texas hotel developer spells out plans for SeaTac project. Driven by remarkable growth at Seattle-Tacoma International Airport, hotel development is taking off in in Southwest King County, where construction is starting on a Residence Inn by Marriott.

Dallas-based Western International is building the extended-stay property that will have 170 suites, at 19608 International Blvd. S.,
next to the city of SeaTac's Angle Lake Park.

It's one of several projects coming to this area. Katherine Kertzman, president and CEO of Seattle Southside Regional Tourism Authority,
expects to see 800 new hotel rooms open over the next 24 months in SeaTac, Des Moines and Tukwila. Developers are trying to cash in
on the rising average room rates. Now at $123 a night, it's the highest ever recoded in this area, Kertzman said.

Western International, a national hotel developer and operator that has developed several projects in the region, is building the Angle Lake project because of the site's location about 15 blocks south of the airport, the nation's fastest growing airport and the the sixth fastest growing in the world. It's also next to
the park, four blocks from a new light rail stop and has easy access to Interstate 5.

The state of the existing hotels also played a role. "They're just old," Cary Fisher, Western International's development manager, said last week at a meeting of the Soundside Alliance, a Southwest King County economic development group.

A lack of affordable land in and around the airport makes building hotels difficult. This spring, Western International paid the city of SeaTac nearly $4.25 million for the 2.6 acres, according to public records.

The property is part of a 4.5-acre site that SeaTac bought in 1997 for $2.8 million. Western International worked closely with the city. Fisher said that when she had questions, City Hall representatives got back to her within hours. For builders, such fast response times are key to deciding whether to move forward with a project, she said.

Jensen / Fey, a Redmond architecture and planning company, designed the Angle Lake hotel, and EBCO of Cameron, Texas, is the general contractor. Western International declined to provide the total development cost. Western International has one other development ready to start construction in the region, a 146-room Marriott Residence Inn near the Boeing plant in Renton.

"Our research tells us we'll do some huge volumes there," Western International CEO Gene Carter said. The demand is from Boeing suppliers and pilots coming to town for training. Carter said a lot of these people now stay in Tukwila.

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