Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Quality Inn & Suites Tucson Airport North, a 172-room hospitality property located in Tucson, AZ, according to Donald D. Morrow, regional manager of the firm’s Phoenix office. The asset sold for $2,300,000.
James I. Meng, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. After a comprehensive national marketing campaign, James leveraged the reach of the firm’s platform in locating a California-based buyer. The buyer, a partnership, was secured and represented by Sam Hanna and Evan Taylor, both retail investment specialists in Marcus & Millichap’s San Diego office. The transaction closed in less than 30 days. “This really exemplifies the strength and collaborative forces at work to benefit both seller and buyer,” concludes Gregory A. LaBerge, National Director of the firm’s National Hospitality Group. “The Marcus & Millichap platform married opportunistic west coast capital with an excellent hotel repositioning opportunity to achieve great results for both parties.”
Quality Inn & Suites Tucson Airport North is located at 5251 South Julian Drive in Tucson, Ariz.