Hosmer Street hotel sold for millions; property could become apartment complex
A longtime Hosmer hotel property that has plans submitted to convert to affordable apartments has sold.
Hotel Thea, 7414 S. Hosmer St, was sold in a transaction recorded by Pierce County on July 19 for just under $14 million. The seller was Param Tacoma, an LLC representing a group of Northwest hotel investors based in Portland.
The hotel, a former Shilo Inn, was sold in December 2017 by Shilo Inn Tacoma LLC to Param Tacoma LLC for $8.1 million. The building dates to 1985. It became Hotel Thea Tacoma in 2021.
The buyer in the latest transaction was an LLC affiliated with Sage Investment Group of Kirkland and Richland, Washington, and Ridgecrest Management in Richland.
The investment group has bought into and taken on other hotel-to-apartment conversions in the Hosmer neighborhood, including the American Lodge/Travelodge property, 8702 S. Hosmer St., and the former Econo Lodge, 8820 S. Hosmer St.
No further permit activity has been listed on the City of Tacoma’s website since October regarding another property Sage also was reportedly interested in, the Motel 6 at 1811 S. 76th St., near Hosmer.
In Fife, the group owns two Fife budget hotel properties.
The News Tribune reported in April that paperwork had been filed with the city’s Planning and Development Services to convert the Hotel Thea to apartments.
Those plans described a $2.45 million conversion for 132 units.
The News Tribune archives contributed to this report.
