Flagstaff Investor Enters Phoenix Market with Acquisition of East Valley Property
Mesa, Arizona – Days Inn Mesa, a three-story hotel property at 333 W. Juanita Ave. in Mesa, AZ has been sold for $7.6 million. Flagstaff investor Paul Keshav purchased the property as his first Metro Phoenix portfolio asset.
“We were really pleased to help Paul acquire this Days Inn in Mesa,” stated Mike Montoya with Colliers International in Arizona. “The property has been on his radar for a while and we were happy to assist in getting the asset at a price that was desirable for both the buyer and seller. We really believe this was a win-win for both parties.”
Keshav purchased the hotel property from Brutger Equities, Inc. of St. Cloud, MN. Montoya, an associate with the Meng-Grantham Hospitality Team at Colliers International in Arizona, handled the transaction.
Days Inn Mesa is a three-story, interior corridor hotel that contains 120 guest rooms. Built in 1986 and remodeled in 2014, the property is located in the valuable Superstition Corridor submarket of Mesa. Situated within a mile of US 60, the hotel provides convenient access to all areas of the East Valley.
“Keshav and his investors have long-term plans to expand their portfolio within Arizona,” said Montoya. “The buyer operates a hotel in Flagstaff and was keenly interested in penetrating the Phoenix market. He had been watching the property for quite some time and the opportunity became ideal to strike a mutually beneficial transaction.”