Commercial real estate investment services firm Marcus & Millichap arranged the sale of the Best Western Plus Kings Inn & Suites, a 100-room hotel in Kingman, Ariz.
“The $7.1-million sales price equates to $71,000 per key, which is one of the highest prices-per-key for a Best Western, post-recession,” said Marcus Threats, an associate member of Marcus & Millichap’s National Hospitality Group. “The significant improvement in Southwest hotel sector performance we saw last year is being followed by additional improvements this year as leisure and business demand drivers grow more potent and construction pipelines remain manageable.”
Threats had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer of the property was AIH, a Utah-based limited liability company. Don Morrow, regional manager of Marcus & Millichap’s Phoenix office, is the firm’s broker of record in Arizona.
The property is located at 2930 East Andy Devine Ave. in Kingman. The two-story hotel was built in 1965 and a wing was added in 1999. The property has an outdoor swimming pool, a business center, a breakfast area and meeting space.