Wig Properties has acquired the 9.55 acre Bellevue Hilton Property at 300 112th Ave Southeast for $87.25 million.
Wig Properties is a Bellevue-based developer, owner and manager of commercial real estate. A family-owned business, based less than five miles from the Hilton site, Wig Properties builds and holds its projects for the long term, continually improving and investing in them over time.
In February 2015, Wig Properties bought the adjacent Red Lion Hotel site. The Red Lion and Hilton properties together comprise approximately 15.5 acres of land along Interstate 405 and are across the street from the future East Main light rail station.
Mon Wig, the founder and chief executive officer of Wig Properties, said the purchase fit his company’s vision.
“Our goal is to develop the Bellevue Hilton and Red Lion properties into a truly special, iconic, and integrated place that the city, local community and our family can be proud of,” he said.
Leshya Wig, partner at Wig Properties, agreed.
“The purchase of Bellevue Hilton aligns well with our long-term mission: to uncover opportunities where we can play a significant, positive role on the surrounding communities for decades to come,” she said.
Wig Properties plans to continue to operate the hotel under the Hilton brand and will use Dow Hotel Company as the hotel manager. Wells Fargo financed the Hilton site; Washington Federal provided the debt financing on the adjacent Red Lion property.