Staybridge Suites and Holiday Inn Express and Suites Added to Trimark Property Group Portfolio
PHOENIX, ARIZ. – Trimark Property Group of Pacific, WA has purchased two hotels in Glendale for $22 million. The Staybridge Suites at 9340 W. Cabela Dr. and the neighboring Holiday Inn Express and Suites at 9310 W. Cabela Dr. have become part of Trimark’s expanding portfolio of properties in the Western U.S.
Trimark Property Group purchased the hotel properties from Rockbridge Capital of Columbus, OH. James I. Meng and Jon Grantham of Colliers International in Greater Phoenix represented Trimark in the purchase transaction.
“Strong underlying macroeconomic fundamentals in the Phoenix MSA and our team’s track record of aligning institutional and private investors has really pushed our transaction volume this year,” says James I. Meng. “This transaction will mark our 8th and 9th hotel we’ve transacted in our market this year. Our clients have really found value in our services and it shows through our results.”
“Limited serve and compact full serve hospitality assets are in high demand and our team has many years of experience identifying off market assets for buyers and marketing assets for clients who are looking to exit,” says Jon Grantham.
The two properties were constructed in 2007 and 2008. Situated on 4.5 acres of land, the hotels feature a total of 212 units.
Trimark Property Group is a diversified real estate conglomerate with not only specialized holdings in the petroleum and coffee industries, but also a variety of retail/commercial, multi-family, student housing and now hospitality investment properties throughout the West. They have known interest in over 28 properties valued at more than $515 million. Trimark Property Group has purchased more than $70 million dollars of hotels in the past three years.
Rockbridge is an Equity Fund with known interests in 49 assets that have an estimated property value of $1.5 billion. They have made more than 200 investments in 38 states in transactions valued at approximately $5 billion. Rockbridge primarily invests in the hotel sector with a focus on full-service properties and holds land for development.
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