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 Hotel Tucson City Center Inn Suites, a 267-room hospitality property located in Tucson, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $9,650,000.
James I. Meng and Jon R. Grantham, hospitality investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a NYSE publicly traded REIT. The buyer, a private investor from Texas, was secured and represented by Lisa Estrada, a retail investment specialist in Marcus & Millichap’s Fort Worth office.
“This is an excellent example of the power of the Marcus & Millichap platform delivering the best possible value for our clients. Lisa, in cooperation with another team of hotel specialists in Texas, sold the buyer’s down-leg asset to enter a 1031 Exchange. The transparency of our platform allowed Lisa to source the right opportunity for her client and assist Jon and I in closing this transaction on the up-leg. The asset presented the buyer with the opportunity to step into a larger asset, at below replacement cost, in a new market, which could be strategically repositioned as a premier boutique conference hotel,” states James Meng.
“By getting to know our clients investment goals, using our collaborative approach to brokerage across all asset classes, and providing outstanding customer service, Marcus & Millichap delivered exceptional results,” concludes Peter L. Nichols, National Director of the firm’s National Hospitality Group.
Hotel Tucson City Center Inn Suites is a four story hotel located at 475 North Granada Ave. in the heart of the historic downtown Presidio Arts District in Tucson, AZ. The immediate area offers southwestern arts, culture, and cuisine along with museums and other historic buildings. The property is situated on an expansive 10 acre site adjacent to the I10 Freeway offering excellent visibility from this high traffic arterial. The properties amenities include an Olympic sized heated pool, in-house restaurant (“PJ’s Cafe”), business center, sand volleyball courts, and downtown Tucson’s largest Ballroom and meeting space measured at over 16,000 square feet.