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Home My WebLink AboutEC18-188 - Other - CBRE Hotels - Contract Termination - 12/01/2020ApprovalOriginator: Department: Date Sent: Date Required: Authorized to Sign: Director or Designee Mayor Date of Council Approval: Grant? Yes No Type:Review/Signatures/RoutingDate Received by City Attorney: Comments: Date Routed to the Mayor’s Office: Date Routed to the City Clerk’s Office:Agreement InformationVendor Name: Category: Vendor Number:Sub-Category: Project Name: Project Details: Agreement Amount: Start Date: Basis for Selection of Contractor: Termination Date: Local Business? Yes No* *If meets requirements per KCC 3.70.100, please complete “Vendor Purchase-Local Exceptions” form on Cityspace. Notice required prior to disclosure? Yes No Contract Number: Agreement Routing Form For Approvals, Signatures and Records Management This form combines & replaces the Request for Mayor’s Signature and Contract Cover Sheet forms. (Print on pink or cherry colored paper) Visit Documents.KentWA.gov to obtain copies of all agreementsadccW22373_1_20 Budget Account Number: Budget? Yes No 'LU$VVW 6XS0JU 'LU'HS SFW '03$*5:0',&/50''*$*"-64&0/-: Rhonda Bylin n/a N/A CBRE Contract n/a Other Official Termination of Brokerage Agreement to sell the Naden Property Terminate agreement - EC18-188 - notice was provided to terminiate prior to March 31 2021 Other N/A EC18-188 and Amendments 1,2 & 3 11/30/2020 12/4/2020 May 5th 2018 ECD 11/30/20 Okay to Sign 12/1/2020 AGREEMENT TO TERMINATE THE EXCLUSIVE LISTING AGREEMENT BETWEEN THE CITY OF KENT AND CBRE- 1 AGREEMENT TO TERMINATE THE EXCLUSIVE LISTING AGREEMENT This Termination Agreement (“Termination Agreement”) is made and entered into by and between the City of Kent, a municipal corporation of the State of Washington (“City”), and CBRE, Inc. (“CBRE”), to terminate the Exclusive Listing Agreement (“Listing Agreement”) dated as of May 5, 2018. RECITALS A. Owner and Broker are parties to the Listing Agreement and Amendments. The Third Amendment to the Listing Agreement dated as of May 6, 2020, extended the term of the Listing Agreement to March 31, 2021. B. Section 21 of the Listing Agreement allows the Listing Agreement to be terminated per mutual agreement of the parties. The City and CBRE both desire to terminate the Listing Agreement. NOW THEREFORE, the parties agree as follows: AGREEMENT Termination. The Listing Agreement and all Amendments shall be terminated on the last date entered below (“Effective Date”). IN WITNESS WHEREOF, the parties have executed this Termination Agreement, which shall take effect on the Effective Date. CBRE, Inc. Broker By: (signature) Print Name: John R. Miller Its: Senior Managing Director (title) DATE: CITY OF KENT Owner By: (signature) Print Name: Its (title) DATE: APPROVED AS TO FORM: Kent Law Department Dana Ralph Mayor 12/01/2020 Company Toured PropeComments Braintree Hospitality Yes Submitted offer West77 Partners Yes Submitted offer Choice Yes Submitted offer (working with West77) Hilton Hotels and Resorts Yes Submitted offer (working with Braintree Hospitality) David Malik Yes Wants to build a gas station. We advised that this is being marketed as a hotel site. Baywood Hotels Yes Can't achieve guidance price. Interested in Marriott Residence Inn development (expected cost to develop is higher than expected once they dug in). miravest inc No Sent letter of interest Marriott International, Inc. Yes Marriott Rep, has some branding options (SpringHill Suites, TownePlace Suites, Fairfield, and Residence Inn for the right developer) Crystal Peaks Yes Provided opportunity overview, pricing guidance and updates, no response Avenue 55 Yes Met in person and followed up several times. No response. SVN No Has a client digging into it, says they have all the information they need at this point. No response North Central Group No Provided opportunity overview, pricing guidance and updates, no response Malkeet Singh Saran No Provided opportunity overview, pricing guidance and updates, no response SB Hotels No Provided opportunity overview, pricing guidance and updates, no response 2128 Development Corp. No Provided opportunity overview, pricing guidance and updates, no response JLL No Provided opportunity overview, pricing guidance and updates, no response Harjinder Virk No Provided opportunity overview, pricing guidance and updates, no response Basel CG No Provided opportunity overview, pricing guidance and updates, no response Yogesh Desai Yes Provided opportunity overview, pricing guidance and updates, no response Omar Lee No Focused on Everett waterfront development (Hotel Indigo), No response Michaelton Homes Ltd. No Provided opportunity overview, pricing guidance and updates, no response Windermere - Federal Way No Has a client with interest but can't get pricing guidance Brandt Hospitality Group Yes Looked at the site but after evaluating the opportunity they are passing based on the submarket The Hotel Group Yes Can't acheive guidance price NewcrestImage Yes Could not get comfortable with the location/submarket and the land pricing guidance. Developing a hotel downtown Seattle now. Legacy Hospitality No Can't achive land guidance price. Followed up via email to inquire and make sure his group has everything. Have not heard back Unknown No Can't achieve guidance price BlackRidge Group Yes Can't achieve guidance price. Could not get comfortable with the location/submarket. Building at hotel in Tukwila (Marriott Element). Premier Capital Associates, L LC No Passed moving forward with a development project in another location with client Garima Hospitality LLC Yes Construction cost too high for what they wanted to build, passed. T2 Hospitality No Not comfortable with the submarket, looking for Bellevue or Redmond CSM Corporation No They developed the Marriott Courtyard in Tukwila. No response T2 Hotels No Not comfortable with the submarket, looking for Bellevue or Redmond. Hostmark Hospitality Group No They looked at the site and are going to pass because of pricing and their partners are more interested in Opportunity Zone Development projects Brandt Hospitality Group No Looked at the site but after evaluating the opportunity they are passing based on the submarket. Shell No Looking for an exchange project, prefers an existing hotel The Procaccianti Group No Pricing concerns, want their first Washington project to be in Seattle, Bellevue or Redmond. Virk Hotel Group Yes Pricing guidance too high with the cost of the Road and other develoment cost BlackRidge Group Yes Could not get comfortable with the location/submarket. Building at hotel in Tukwila (Marriott Element). OTO Development No Developer of the Hampton Inn Bellevue. Not interested in Kent at the ask price. 360 Hotel Group No They have too much on their plate at this point and not interested in this submarket. Legacy Hospitality Yes Provided opportunity overview, pricing guidance and updates, no response Silverwest Hotels No Doesn't like the market, price too high Raymond Management Company No Ask price too high Cambria Hotels Yes Sent information to get him registered. Dug in as a Cambria Suites Brand as they are looking to enter new markets in the PNW. Working with his colleague Will Raine and looked for development partners but none expressed interest. SVN Yes Had a client that was interested in the site but is no longer interested. ASV Capital LLC No Provided opportunity overview, pricing guidance and updates, no response Radisson Hotels & Resorts No Sent information to get him registered. Interested in a County Inn & Suites development as they are looking to enter new markets in the PNW. No development partners expressed interest. The Widewaters Group No Developed the Home2 Tukwila. Not interested in Kent Submarket. Miller Global Properties, LLC No Developed the Residence Inn Bellevue. Not interested in Kent Submarket. Per Section 8 of the Listing Agreement below are the list of the companies that we had substanive conversations with.