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ustin-based Ohana Real Estate Investors acquired the 347-room Hyatt Regency Lake Washington in Renton, Washington for approximately $103 million. The hotel was previously owned by SECO Development, led by Michael Christ, which had been sued by Chinese investors alleging fraud. The lawsuit stemmed from a $590 million mixed-use development on Lake Washington, Southport, where 199 investors contributed $500,000 each to secure green cards through the EB-5 program.

    The sale price works out to around $296,830 per room and comes after SECO's affiliates filed for Chapter 11 bankruptcy. The approved plan set aside $32.5 million for investor claims, which will be determined by the bankruptcy court in 2025. Ohana plans to continue operating the hotel as a Hyatt Regency.

    Ohana, founded in 2009, manages $4.5 billion in assets and has made several notable acquisitions recently, including the La Cantera Resort & Spa in San Antonio and the historic Claremont Hotel & Spa in Berkeley. The firm's managing director of investments, Eddie Yu, stated that the Hyatt Regency Lake Washington is a prime example of Ohana's investment approach, highlighting its great location and story.