Off-Market Transaction Posts First Time the Property Has Been Sold
Phoenix, Arizona – The Staybridge Suites Tucson Airport has been sold for $8.5 million ($87,629 per room) to a local investor. The extended stay hotel has never been sold before and the transaction was an off-market deal.
James Meng and Jon Grantham of Colliers International in Greater Phoenix negotiated the transaction. The Koehler Organization of Aberdeen, SD sold the property to Doro Arizona, LLC, an Arizona-based investor (Dorota Krzyzostanian, manager).
Staybridge Suites is located at 2705 E. Executive Dr., just 10 minutes from Davis-Monthan Air Force Base and the University of Arizona. The three-story hotel contains 97 suites was constructed in 2009. The hospitality property features on-site guest laundry facilities, on-site fitness center, and a pool with fire feature.
“The Tucson South/Airport market has seen a 6.7 percent increase in demand year-over-year,” says Meng. “No new supply has been added, so this buyer was attracted to the property in a tightening market to satisfy their 1031 needs. This is the third hotel we have sold on behalf of The Koehler Organization.”
The buyer will be taking over management of the property and plans to fully renovate the hotel in the next year.
To learn more see RED Comp #5789.