Marcus & Millichap sold the Hotel Tucson City Center Inn Suites, a 267-room property in Tucson, Ariz. The asset sold for $9.6 million.
James I. Meng and Jon R. Grantham, hospitality investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a real estate investment trust publicly traded on the New York Stock Exchange. The buyer, a private investor from Texas, was secured and represented by Lisa Estrada, a retail property investment specialist in Marcus & Millichap’s Fort Worth office.
Hotel Tucson City Center Inn Suites is a four-story hotel located at 475 North Granada Ave. in Tucson’s historic downtown Presidio Arts District. The property is situated on a 10-acre site adjacent to the I-10 freeway with excellent visibility from that high-traffic arterial. The property’s amenities include an Olympic-sized, heated pooll an in-house restaurant; a business center; sand volleyball courts; and a 16,000-square-foot ballroom and meeting space that is downtown Tucson’s largest.