The Sheraton Tucson Hotel & Suites sold recently for $6.4 million ($29,630 per room) in an REO sale for the 216-room hotel located at 5151 E Grant Road in Tucson. The 151,794-square-feet hotel was built in 1985 on 4.97 acres east of Swan Road on Grant, near The Crossroads Festival.
The buyer, TNB Tucson LLC (Jay Nijjer, member) also owns Candelwood Suites in Boise, Idaho and the seller was Principal Real Estate Investors of Des Moines, Iowa. The new owner has already begun a $5 million renovation to the the hotel that will remain branded Sheraton Tucson Hotel & Suites, including renovations of all the rooms, adding a new 3,000-square-foot gym and putting green to the courtyard.
The Sheraton prides itself in blending the intimacy of a boutique hotel with the fun and function of an urban retreat. The property does enjoy great views of Tucson’s surrounding rugged mountain range, as well as hiking, golfing, cycling, and tennis—located moments away. It is a short drive from many businesses and cultural attractions, and offers an array of exciting features and amenities designed with the traveler’s comfort in mind.
Afer a long day, relax in one of the guest rooms between the crisp sheets of your sumptuous Sheraton Sweet Sleeper® Bed or catch your favorite show on the flat screen TV and surf the net via wireless High Speed Internet Access.
Work up a sweat in the state-of-the-art, updated Sheraton Fitness center. Visit the lobby—designed as a Lobby Living Room—to satisfy any coffee craving with a Starbucks® coffee, or stay connected with complimentary wireless High Speed Internet Access and PC workstations at Link@Sheraton(SM) experienced with Microsoft®.
Enjoy Arizona-style cuisine with a modern twist at Fire + Spice, the hotel’s exciting Southwestern restaurant, or toast a s’more—or a martini—at the outdoor fire pits. Swim, soak in the hot tub, or get a massage poolside in the beautifully designed pool courtyard.
The 18,000-square-feet of expertly designed function space includes the Sabino Ballroom and Canyon Theatre, featuring stadium classroom seating. There is also a sleek junior ballroom for those singular special events. An on-site business center is available for your computer needs, including High Speed Internet Access, scanning, printing, and faxing.
For additional information login to reference RED Comp #2970.
[mepr-show rules="58038"]Sale date: 5/29/2015. Seller was a lender that had taken back property in January, 2014 from Wildcats Hotel Holdings. See document #2014-0300292.[/mepr-show]