The seven-story La Quinta Inn & Suites visible from Interstate 5 near Emerald Queen Casino has sold for $14.5 million, a 24% drop from what the previous owner paid three years ago.

Three LLCs representing Pierce and King County lodging investors closed the deal Thursday, July 2, with the deed recorded Monday, July 6, according to Pierce County records. The 155-room hotel at 1425 E. 27th St. sits at the intersection of Portland Avenue East and East 27th Street.

The buyers — SB Seatac LLC, Federal Way Motor Inn LLC, and Kaur & Kaur LLC, all listing a Puyallup address in county filings — plan to keep the La Quinta by Wyndham brand and renovate the property.

"We plan to keep the brand ... we have plans to give the property a facelift and in the near future upgrade the guest rooms," Parveen Quinones, registered agent for Federal Way Motor Inn LLC, told the Tacoma News Tribune via email. Quinones did not provide a renovation budget, start date, or permit details.

The numbers

The seller, HSR Hotel Group LLC of Woodland Hills, California, bought the hotel in March 2023 for $19 million. A personal property deduction at the time reduced the taxable price to $18.16 million. The $14.5 million sale price in 2026 represents a $4.5 million loss in roughly three years.

For the new transaction, a $2 million personal property deduction for existing furnishings and equipment reduced the taxable sale price to $12.5 million, according to documents filed with Pierce County. The property's assessed value is just over $13 million, per the Pierce County Assessor-Treasurer's online record.

What it means for the corridor

The hotel is visible from I-5 and has been a fixture of Tacoma's Portland Avenue commercial district since it was built in 1985. The ownership change marks the second time the property has changed hands since 2023.

The new owners said upgrades would come, but cautioned patience. Quinones added that the work "will not be overnight."