Marcus & Millichap sold the 128-room Holiday Inn Express Hotel & Suites in Tempe, Ariz. The $11,080,000 sales price equates to $86,563 per room.
Jon Grantham and James Meng, associates in Marcus & Millichap’s Phoenix office, represented the seller and procured the buyer.
“The property’s strategic proximity to two major transportation arteries and major demand generators such as the Arizona Mills Mall, Arizona State University and Sky Harbor Airport will continually push demand and revenue,” says Grantham. “With the planned Formula Blue conversion—Holiday Inn’s new design concept aimed at ‘smart travelers’—this Holiday Inn Express & Suites is well positioned to take advantage of Tempe’s growing employment and student bases.”
The midrise hotel is located at 1520 W. Baseline Road in Tempe, six miles from Phoenix Sky Harbor International Airport and 20 miles from Scottsdale Airport.
Built in 1997 on 2.3 acres, the Tempe Holiday Inn Express Hotel & Suites has a swimming pool, a fitness center, and spa.
“With an industry-leading hospitality team in more than 40 markets nationally, this marks the 117th hotel sold by Marcus & Millichap’s National Hospitality Group in 2015,” notes the NHG’s national director, Peter Nichols.
Investment specialists in Marcus & Millichap’s National Hospitality Group (NHG) focus exclusively on providing investment advisory and transaction services for hospitality properties. The group leverages Marcus & Millichap’s network of investment specialists in offices nationwide and throughout Canada to expose properties to the largest possible pool of qualified investors.