Property Offers Expansion Opportunity with 2.64 Undeveloped Acres
PHOENIX, ARIZONA – The Best Western Prescottonian hotel at 1317 E. Gurley St. in Prescott has been sold to an Atlanta investor for $11,600,000. The property, which includes 2.64 acres of undeveloped land, sold for the highest price per room ever recorded in Prescott/Prescott Valley.
“The Prescottonian has always been a strong cash flowing aset and it was a privilege working with the seller on his first and only hotel property,” says Mike Montoya, associate vice president with Colliers in Arizona. “The buyer takes over a well-performing hotel with multiple value add opportunities.”
Olson Capital Investments of Atlanta purchased the property from Thomas Foster of Prescott as part of a 1031 Exchange. Montoya represented the seller in the transaction. The buyer was represented by Jon Grantham, also of Colliers in Arizona. The buyer, who has family ties in Prescott, wanted to enter the hospitality market with an exterior corridor hotel in this growing market. The seller has owned the property for more than 30 years and plans to retire.
The Best Western Prescottonian was built in 1968 and contains 121 guest rooms. The property has been renovated throughout its existing, including modernizations completed last year. The property is up to date on current Best Western Property Improvement Plan Standards. The property features an on-site restaurant and meeting space, as well as an outdoor, heated pool.
Conveniently located off Gurley Street, adjacent to State Routes 69 and 89, the Prescottonian is just one mile from Downtown Prescott. Nearby attractions include a casino, rodeo, zoo, hiking trails, golf courses and museums.