Quality Inn & Suites Hotel at 5251 S Julian recently sold for $2.3 million ($13,372 per room) to San Diego-based PacVentures, Inc (Andrew Kaplan, CEO). The 172-room, 75,098-square-foot hotel near Tucson International Airport was built in 1984 on 1.35 acres and three parcels. Offering convenient access to the University of Arizona, Davis-Monthan Air Force Base, Saguaro National Park, the Tucson Convention Center and Reid Park Zoo.
Quality Inn amenities include free hot breakfast, free wireless high-speed Internet access, an outdoor pool, banquet space, guest laundry facilities and copy and fax services. All rooms include coffee makers, hair dryers, irons and ironing boards. Some rooms also come with refrigerators, microwaves, sofa sleepers, flat-screen televisions and pet friendly.
The average occupancy at time of sale was about 47% and average room rate, $42 per night. The property commanded a 9% cap rate based on income at time of sale.
The buyer specializes in the acquisition and development of industrial, retail, and office properties located in the Southwestern United States. Privately owned, PacVentures focuses on value enhancing opportunities with significant principal involvement. With extensive knowledge and experience in these fields the team at PacVentures can quickly identify and decisively act upon acquisition, leasing, development, and disposition opportunities.
James Meng of Marcus & Millichap in Phoenix represented the seller, Palo Verde Property (Lee Tzong Chen, manager) of Rolling Hills, CA
To learn more Meng should be contacted at 602.687.6791.
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[mepr-show rules="58038"]Sale date: 2/4/2015. Buyer took title as PV BCF, LLC. This transaction was all-cash. RevPAR was reported at $19 per room at time of sale. APNs: 140-08-005, 007 & 008. Zoned CB-2, County[/mepr-show]