Avison Young Announces Call for Offers on Tucson International Airport Portfolio
Avison Young is announcing a call for offers for the Tucson International Airport Portfolio. The call for offers will be held on August 30th, 2017.
The Quality Inn and Suites and Airport North Suites offers a unique opportunity to purchase a dual concept hotel asset. In 2016, ownership underwent a renovation program for the hotel and the process of upgrading the property, converted the 48 unit annex to accomodate exclusively extended stay guests. This split occurred in September 2016. Since that time, the Airport North Suites has grown occupancy to 89.9% with a monthly rate of $561.30 (daily RevPar of $18.71). Franchise fees will not be paid on the 48 unit Airport North Suites going forward.
At the same time, the 122 unit Quality Inn and Suites has benefited from an upgrade to the guestrooms and lobby area. Interestingly, for the first quarter of 2017, the 122 unit Quality Inn & Suites outperformed the 170 unit facility (prior to the Airport North Suites split) for the same time period in 2016. The first quarter Gross Room Revenue for the 2016 was $408,463 compared to $510,107 for the first quarter of 2017. Clearly, the strategy is working, and it will finish the year with record revenues for each hotel.
Both of the Hotels in the Tucson Internation Airport Portfolio sit just off Interstate 10 at the corner of South Palo Verde Road and South Julian Drive. The Hotels are approximately 3.5 miles from the Tucson International Airport. Local attractions within ten miles include Casino Del Sol, Botanical Gardens, downtown Tucson, Desert Diamond Casino, Dell Ulrich Golf Course, Pima Air & Space Museum, San Xavier del Bac Mission, Tucson Convention Center, and the Universtiy of Arizona. Other attractions include Arizona-Sonora Desert Museum, Biosphere 2, Kartchner Cavers, Kitt Peak National Observatory, and Saguaro National Park. There is a variety of dining and shopping options near the Hotels. Local businesses include Davis-Monthan Air Force Base, Atlantic Aviation, Boeing, Bombardier Aerospace, Hamilton Aerospace, IBM, Inuit, Rain Bird Incorporated, and Universal Avionics.
The Properties are both two stories, stucco structures on concrete foundations. Together the properties have 170 guestrooms (Quality Inn & Suites: 122, Airport North Suites: 48) guestrooms contain both king and queen beds.
The Quality Inn & Suites has 4,600 square feet of meeting space guest laundry facilities, hot tub, fitness center, breakfast area, and outdoor heated pool. Both facilites have standard bathroom amenities. Currently, the Airport North Suites utilizes the Quality Inn & Suites amenities.
For more information on this listing, contact Rick George at 312-434-2430 or [email protected].