Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 100-room, upscale extended-stay Residence Inn Marriott in Gilbert, Arizona. The terms of the sale were not disclosed.
“The sale of the Residence Inn Gilbert demonstrates that the hotel investment market remains liquid and active. Hospitality investors are actively seeking to place their capital into upscale branded hotels with diverse demand generators and powerful brand recognition,” says Wes Christensen, a senior associate with Marcus & Millichap’s National Hospitality Group. “This extended-stay hotel primarily services corporate travelers and visitors from the adjacent Banner MD Anderson Cancer Center.”
Christensen, along with Mike Francis, first vice president investments, represented the seller, Sunridge Hotel Group, a hospitality development company based in Mesa, Arizona, and procured the buyer, Ball Ventures LLC, a commercial real estate investment, development and private equity holdings company based in Idaho Falls, Idaho. Cliff Denton, a Marcus & Millichap associate, is the firm’s broker of record in Arizona.
“This transaction illustrates Marcus & Millichap’s national reach, speaks to the strength of its brokerage platform and proves the firm’s ability to move capital into investment property vehicles around the country,” adds Christensen.
Built in 2013, the property is located at 3021 East Banner Gateway Drive in Gilbert, Arizona a short distance from the Banner Health Center. Highways 60 and 202, the Phoenix Sky Harbor International Airport and Phoenix-Mesa Gateway Airport are all close by.