The Fairfield Inn Tucson Airport at 6955 South Tucson Boulevard in Tucson sold in an REO Auction recently for $2.21 million ($26,000 per room). The 85-room, 3-story hotel is 38,127-square-feet and sits on a 1.48 acre parcel near the airport.
The buyer, Rao Yalamanchili of Arcadia, CA rebranded the hotel immediately to Baymont Inn and Suites.
The seller was C-III Asset Management of Irving, TX amd New York. C-III Asset Management LLC is a wholly owned subsidiary of C-III Capital Partners, a highly rated loan servicer (primary and special) of commercial real estate loans. C-III Asset Management is the named special servicer for over $116 billion and the primary servicer for over $17 billion of commercial real estate loans.
The online auction service used was Real Capital Markets.
The hotel has above average visibility located immediately north of the Tucson International Airport and between Interstate 19 and Interstate 10, both less than 3.7 miles from the Hotel.
The Hotel is located within close proximity to a number of tourist attractions as well as corporate demand. Area demand generators include the University of Arizona, Arizona Sonora Desert Museum, Raytheon Missile Systems, Davis Monthan Air Force Base, Fort Huachuca, and Phelps Dodge Mining Company.
Baymont Inn & Suites is part of the Wyndham Hotel Group and parent company Wyndham Worldwide (NYSE: WYN).