Marcus & Millichap has announced the sale of Hampton Inn & Suites Yuma, a 90-room hospitality property located in Yuma, Ariz., according to Kevin W. Boeve, vice president and regional manager of the firm’s Ontario office. The asset sold for $7,400,000.
Aseem Tandon, a director of the National Hospitality Group in Marcus & Millichap’s Ontario office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a partnership, was also sourced by Tandon.
“This was Aseem’s second significant closing in the city of Yuma in less than a year. The transaction required a major PIP renovation and the buyer was under a 1031 exchange deadline. His understanding of this asset, the local and regional market, and his 10 years of experience in hospitality investments helped all parties involved,” notes Gregory A. LaBerge, national director of Marcus & Millichap’s National Hospitality Group. “Aseem assisted the seller by reaching the goal of a timely liquidation, and he strategically helped the buyer with an improvement plan for the future. This transaction was a ‘win-win’ for all parties.”
“Aseem continues to produce exceptional client service for both buyers and sellers of hospitality investments across the nation. He is always working to put the client’s needs first,” concludes Kevin Boeve.
Hampton Inn & Suites Yuma is located at 1600 East 16th Street in Yuma, Ariz. at the intersection of Highway 95 and Interstate 8 in one of the most scenic areas of the city. The property is strategically located to accommodate tourists visiting to enjoy an array of outdoor activities as well as the lodging demands of two premier military installations, Marine Corps Air Station Yuma and United States Army Yuma Proving Ground. Yuma Proving Ground is one of the world’s largest military installations.