Palm Springs investor purchases largest hotel in Yuma, Arizona

Phoenix, October 24, 2018 – The Best Western Inn & Suites in Yuma, Arizona, was sold to a Palm Springs investor for $16.05 million. The six-building property is the largest hotel in the city.

Palm Springs Inn, LLC of Palm Springs, California, purchased the property from Yuma Hospitality Properties, LP of Phoenix. James I. Meng and Jon Grantham of Colliers International in Greater Phoenix represented the seller in the transaction. Steve Usher of Titan Hospitality and Susan Lee of Ocean 5 Investments represented the buyer.

“This is the largest hotel in Yuma and our third disposition for InnSuites Hospitality Trust,” said Grantham. “We are excited because this signals a strong Arizona market that is poised to have more transaction volume in the next year as we witness California cap rates compress.”

James Meng Colliers International in Greater Phoenix    Jon Grantham Colliers International in Greater Phoenix

The Best Western Inn & Suites Yuma is located at 1450 S. Castle Dome Avenue. The hospitality property was built in 1998, and offers 166 rooms and suites within six buildings.

The hotel is situated at the new Yuma Palms Regional Center, which features more than 490,000 square feet of department and specialty stores, as well as entertainment and restaurants. Poised along Interstate 8, the hotel is in the heart of Yuma, close to Yuma Regional Airport, Paradise Casino and West Wetlands Park. Interstate 8 serves as the major transportation artery between San Diego and Phoenix, connecting beyond to Texas and the East Coast.

This is the only hotel in the entire Yuma area that leverages the Best Western reservations system, with the next closest Best Western being 50 miles to the west.

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.