The 128-room Holiday Inn Express & Suites in Tempe, Ariz. has been sold for $11,080,000 or $86,562 per room.
Hospitality-focused brokers, James Meng and Jon Grantham of Marcus & Millichap represented the seller in the transaction that closed on Sept. 4. The well-known chain hotel is located at 1520 W. Baseline Road, and is now the tallest hotel on that road at six stories.
Strategically positioned on an outparcel to the newly renovated Arizona Mills Mall, this location also offers easy access to the airport to provide the utmost convenience for guests. Moreover, a $12-million “Lego” attraction is set to be built in proximity in 2016.