Staybridge Suites and Holiday Inn Express and Suites added to Trimark Property Group portfolio
Phoenix, August 21, 2018 – Trimark Property Group of Pacific, Washington, purchased two hotels in Glendale, Arizona for $22 million. The Staybridge Suites at 9340 W. Cabela Drive and the neighboring Holiday Inn Express and Suites at 9310 W. Cabela Drive 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, Ohio. 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,” said James I. Meng. “This transaction will mark our eighth and ninth hotel we have 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,” said 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.
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.