Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Best Western Plus Kings Inn & Suites, a 100-room hotel property located in Kingman, Arizona.
The asset sold for $7,100,000, according to Todd Manning, sales manager of the firm’s Las Vegas office. At $71,000 per key, this is the highest price-per-key for a Best Western, post-recession.
Marcus Threats CCIM, an investment specialist in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, AIH LLC, a Utah limited liability company, was secured and represented by Threats as well. Don Morrow, regional manager of Marcus & Millichap’s Phoenix office, assisted in closing this transaction.
Best Western Plus Kings Inn & Suites is located at 2930 East Andy Devine Avenue in Kingman, AZ. This two-story hotel was originally built in 1965 with an additional wing added in 1999. The property features an outdoor swimming pool, fully equipped business center, breakfast area and meeting space.