TUCSON -- InnSuites® Hospitality Trust (NYSE: IHT) through one of its subsidiaries, Tucson Hospitality Properties LLP, purchased the 3.49 acres of leased land located under its InnSuites Hotel & Suites - Catalina Foothills Tucson Best Western property for $2.5 million. The address is 6201 N Oracle Road in Tucson.
The 159-room Best Western hotel, already owned by IHT, features guest studios and suites; 45 of the 159 units are 2-room suites and ten units include an oversized therapeutic two-person Jacuzzi tub in the room. Property amenities include a heated pool and two tennis courts.
The seller was Joseph Cesare and the Hugh & Sallyann Caldwell Trust of Tucson.
InnSuites purchased the 31-years remaining of a land lease that began in 1983, while refinancing the first trust mortgage and lowering its interest rate from 8% to 4.19% resulting in monthly cash flow savings of approximately $460,000 yearly.
InnSuites Hotels is a wholly owned management company of IHT.