TUCSON, Arizona – HSL Properties (Omar Mireles, president) of Tucson acquired the 109-room Hampton Inn & Suites at 5950 N Oracle Road and the 76-guestroom TownPlace Suites by Marriott at 5900 N Oracle Road in Tucson for an aggregate price of $12.06 million ($65,189 per room) at auction.

The seller, Miami Florida- based, LNR Partners, was the loan servicer and acquired these and La Posada Lodge & Casitas at 405 W Rudasill Road in 2012. La Posada sold for $2.52 million ($35,000 per room) for the 72-rooms at the same auction.

Bill Murney with Hospitality Real Estate Counselors (HREC) of Phoenix represented the seller in the transactions.

“Located in the high-end Northwest Tucson submarket, all three properties are in excellent condition having completed $6 million of capital improvements in 2014 by the seller,” Murney said. “The Hotels’ highly visible location on North Oracle Road is in a high-barriers to entry area of Tucson, provides easy access to the demand generators in Northwest Tucson as well as great accessibility to the high end shopping and dining amenities of the area.”

The Tucson Mall, situated less than 2 miles from the Hotels, is the largest shopping center in Tucson, and offers over 1.3 million-square-feet of retail space. The Hotels also significantly benefit from demand generators such as the University of Arizona, the U of A Medical Center, Asarco, and Ventana Medical Systems, as well as their proximity to major attractions such as the Saguaro National Park, Santa Catalina Mountains and Downtown Tucson.

HSL preferred the branded hotels for HSL’s Portfolio, now with eight hotels and over 1,100 rooms. Other HSL hotels include The Ritz-Carlton Dove Mountain, Hilton Tucson El Conquistador Resort, The Doubletree Suites by Hilton, Best Western Plus Tucson Airport, and La Quinta Inn & Suites – Reid Park Hotel and Casa San Sebastian in Puerto Vallarta, Mexico.

The buyer of La Posada Lodge & Casitas, Robert Albright, Jr. of Tucson, didn’t mind the hotel not being branded for his first hotel venture.

Murney reported that Tucson is a major beneficiary of market compression in Phoenix, which has assisted in Tucson’s recent strong upswing in its lodging market fundamentals. During the YTD 2016 period, each of Tucson’s defined submarkets have outperformed their 2015 YTD performance by more than 10%. Furthermore, the Tucson Northwest tract, where these Hotels are located, has seen RevPAR growth of over 6% during the previous 12-month period.

For more information, Murney should be reached at 602.732.4777.

To learn more, login and see RED Comps #4580, #4581 and #4596.

[mepr-show rules=”58038″] The Hampton Inn & Suites at 5950 N Oracle Rd, closed on 2/23/2017 at $7,560,000 with 109 rooms including 28 kitchenettes ($69,358 per room). RED Comp #4580.

The TownPlace Suites by Marriott at 405 W Rudasill Rd closed 3/6/2017 at $4,500,000 with 76-rooms ($59,211 per room). RED Comp #4596.

La Posada Lodge & Casitas as 5900 N Oracle Rd closed 2/22/2017 at $2.520,000 with 72-rooms ($35,000 per room). RED Comp #4581. [/mepr-show]

By: Joe Ferguson | Staff Writer | Arizona Daily Star

The City of Tucson finally got a closer look at what HSL Properties wants to build in place of the colorful yet dated buildings of La Placita Village.

The developer offered up preliminary conceptual designs to the Tucson-Pima County Historical Commission that feature retaining several historic structures while building a new six-story apartment building.

Jonathan Mabry, the city’s historic preservation officer, said the plans will protect three existing buildings in the iconic development at 110 S. Church Ave. The remaining buildings will be torn down to make room for the new development.

Each of the three buildings is eligible for listing in the State and National Registers of Historic Places by the State Historic Preservation Office.

They include the Samaniego House, the Flin Building, and the Stables, all that date from the late 19th century to the early 20th century and are surviving remnants of Tucson’s downtown barrio.

Omar Mireles, the president of HSL Properties, said the designs were simply conceptual, and his company has plans for ground-floor retailers that allow for public access to the historic structures.

Mireles said he hoped to break ground next year on the project, but acknowledged the company has a long road ahead regarding the development process.

All current tenants were told to vacate the property by the end of July.

Plans submitted to the city do not include any changes to La Placita’s parking garage.

Read more at Arizona Daily Star

HSL DS Properties, an affiliate of HSL Properties of Tucson (Omar Mireles, President) sold Desert Springs Apartments at 6710 E Golf Links Road in Tucson to a California private investor for $11.05 million ($44,556 per unit).

The 248-unit Desert Springs has (168) one-bedroom and (80) 2-bedroom apartment homes in 150,046-sqaure-feet was constructed in 1985 on 7.43 acres. All upstairs apartment homes have vaulted ceilings and skylights creating extra light and roominess. Community amenities include swimming pool, hot tub, fitness center and manicured grounds.

Located between Wilmot and Kolb on Golf Links, the community is just minutes from DMAFB, Tucson International Airport, I-10, shopping, dining and entertainment. Surrounded by everything a quality lifestyle can offer, the property was 94% occupied when it sold.

This is not the first investment for the buyer, Shalom Babay of Beverly Hills, who also owns other properties in Arizona.

Hamid Panahi, Steve Gebing and Cliff David of Marcus & Millichap in Phoenix represented HSL in the transaction and Lane Schwartz of Marcus & Millichap in Los Angeles represented the investor.

For more information, Panahi, Gebing and David should be reached at 602.687.6700. Schwartz can be called at 310.909.5500.

To learn more, see RED Comp #3690.