The Best Western Inn & Suites in Yuma, Ariz., has been sold to a Palm Springs investor for $16 million. The six-building property is the largest hotel in the city.
Palm Springs Inn of Palm Springs purchased the hotel from Yuma Hospitality Properties of Phoenix. James I. Meng and Jon Grantham of Colliers International in Greater Phoenix represented the seller in the transaction. Steve Usher of Titan Hospitality and Susan Lee of Ocean 5 Investments represented the buyer.
“This is the largest hotel in Yuma and our third disposition for InnSuites Hospitality Trust,” Grantham said in a statement. “We are excited because this signals a strong Arizona market that is poised to have more transaction volume in the next year as we witness California cap rates compress.”
The Best Western Inn & Suites Yuma is located at 1450 S. Castle Dome Ave. The hospitality property was built in 1998 and offers 166 rooms and suites within six buildings. The hotel is situated at the new Yuma Palms Regional Center, which consists of more than 490,000 square feet of department and specialty stores, as well as entertainment and restaurants.
Located along Interstate 8, the hotel is close to Yuma Regional Airport, Paradise Casino and West Wetlands Park. Interstate 8 serves as the major transportation artery between San Diego and Phoenix, connecting beyond to Texas and the East Coast.
This is the only hotel in the entire Yuma area that leverages the Best Western reservations system, with the next closest Best Western being 50 miles to the west.