Red Roof Inn, 4940 W Ina Rd, Tucson (courtesy photo)
BW RRI IV, LLC, a partnership between a Singapore investor and Westmont Hospitality has won the bidding for a Red Roof Inn portfolio which contains 89 hotels with 10,715 rooms. Their winning bid of about $600 million ($55,996 per room) beat out runner-up Blackstone, which wanted to convert the properties to its Motel 6 brand.
Five Mile and Westmont put the portfolio up for sale this past December via Eastdil Secured. Westmont wanted to stay in the investment, so it teamed up with the unidentified Singapore investor to make an offer on the portfolio.
The sale enables majority partner Five Mile Capital to cash out and Westmont to retain a… Read more
ViaWest Data Center Phoenix (courtesy photo)
Grand Canyon University (GCU), a private university located in Phoenix, AZ, has expanded its IT infrastructure with the addition of a colocated data center solution.
The university has been experiencing increased enrollment and expects that trend to continue over the coming years. To support this growth, the university needed to expand its data center and wanted to do so in a way that minimized its carbon footprint. Grand Canyon University selected ViaWest’s Arizona data center to partner with for its IT infrastructure, as well as offer students opportunities to intern and learn, so the university now has two primary data centers.
GCU was initially looking to build or purchase a data center of its… Read more
US Rep. McSally at meeting Cherrybell Post Office Status “to be determined”
U.S. Representative Martha McSally released the following statement after the United States Postal Service (USPS) announced it was altering its plans to shut down the remaining functions carried out at the Cherrybell Processing & Distribution Center in Tucson. The status of the remaining functions, which were previously slated for closure on July 11, 2015, have changed now “to be determined.”
“This change is welcome news for Southern Arizonans who depend on this facility, but we still have work to do,” said Rep. McSally. “Veterans, seniors, and people across our district rely on Cherrybell for prompt mail delivery and other needs. I’ve been hard at work… Read more
Real Estate Daily News Buzz – business perspectives, real estate, government, the Fed, local news, and the stock markets
Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz of the day will be.
Wednesday, the Dow Jones industrial average rose 121.45 points, or 0.7%, to 18,162.99. The Standard & Poor’s 500 index closed up 19.28 points, or 0.9%, to 2,123.48. The NASDAQ composite added 73.84 points, or 1.5%,… Read more
1922 S Farwell Ave, Tucson, AZ
The Love Divine Fellowship Church sold its 2,935-square-foot building at 1922 S Farwell Avenue in Tucson for $275,000 ($94 PSF) to Potter’s Christian and Missionary Fellowship.
The church building had been well maintained and comfortably seated up to 100. Within the past few years seller had installed new flooring, new paint inside & out, new restroom fixtures, and chip-sealed the parking lot. The church is located 3 lots south of 29th Street on Farwell Ave and is about halfway between Swan and Craycroft.
The buyer will owner occupy the building and is associated with The Door Church at 2950 E Irvington Rd, Tucson. The seller carried back the loan on the property.
The seller… Read more