Local investor acquires hotel in off-market transaction in first-time sale of the property
Phoenix, May 14, 2018 – The Staybridge Suites Tucson Airport sold for $8.5 million a local investor. The extended stay hotel has never been sold before and the transaction was an off-market deal.
James Meng and Jon Grantham of Colliers International in Greater Phoenix negotiated the transaction. The Koehler Organization of Aberdeen, South Dakota, sold the property to Doro Arizona, LLC, an Arizona-based investor.
Staybridge Suites is located at 2705 E. Executive Drive in Tucson, just 10 minutes from Davis-Monthan Air Force Base and the University of Arizona. The three-story hotel contains 97 suites and was constructed in 2009. The hospitality property features on-site guest laundry facilities, on-site fitness center and a pool with fire feature.
“The Tucson South/Airport market has seen a 6.7 percent increase in demand year-over-year,” said Meng. “No new supply has been added, so this buyer was attracted to the property in a tightening market to satisfy their 1031 needs. This is the third hotel we have sold on behalf of The Koehler Organization.”
The buyer will be taking over management of the property and plans to fully renovate the hotel in the next year.
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Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services 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. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.