Marcus & Millichap sells Tucson, Ariz., hotel for $9.6M

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.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

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.

Suggested Articles

The REIT said that it does not expect to see a meaningful increase in demand for its portfolio until there are COVID-19 medical solutions in place.

Choice Hotels International hailed its strong domestic drive-to and leisure markets as it reported growth in occupancy and conversions.

The platform’s new dine-in features provide restaurant patrons safe and secure contactless tableside ordering and payments functionality.