$10.9 Million Hotel Sale in Mesa, AZ Brokered by Marcus & Millichap

Country Inn & Suites Mesa, U.S. Route 60 and East Superstition Springs Boulevard, Mesa, AZ

Gordon Allred

MESA, AZ – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Country Inn & Suites Mesa, a 126-unit, interior corridor, mid-rise hotel in Mesa, Ariz.

The $10,910,000 sales price equates to $86,500 per room and represents more than 98 percent of the list price.

            The property is located at the crossroads of U.S. Route 60 and East Superstition Springs Boulevard, five miles west of Phoenix-Mesa Gateway Airport and 22 miles east of Phoenix Sky Harbor International Airport.

            Gordon Allred, first vice president investments in Marcus & Millichap’s Ontario, Calif. office, David Greenberg, vice president investments in Fort Lauderdale, and James Meng, an associate agent in the firm’s Phoenix office, represented the seller, Suites of Arizona, and the buyer, KCS Investment.

David Greenberg

            “This hospitality investment real estate asset is Carlson’s Country Inn & Suites best performer in Arizona,” says Allred.

“We marketed the asset through our national platform of hospitality property investment specialists and a Seattle-based investor in a 1031 exchange recognized the value of owning in the growing Mesa, Ariz. market.”

            “This is another great example of the power of the firm’s collaborative platform,” adds Gregory A. LaBerge, national director of the firm’s National Hospitality Group.

 “Sourcing out-of-area 1031-exchange capital created maximum results for both parties. The sales price met the seller’s expectations and the buyer acquired an asset that suits its strategic growth plan.”

            The Country Inn & Suites Mesa was constructed in 1998 and is located at 6650 East Superstition Springs Blvd. in Mesa, less than a mile from the Superstition Springs Center shopping mall, which includes more than 150 stores and restaurants, a double-decker carousel, an indoor children’s play area, a multiplex movie theater and an outdoor amphitheater.

Gregory LaBerge

Other nearby companies and local attractions include The Boeing Co., Arizona School of Health Sciences, Arizona State University at the Polytechnic campus, Big League Dreams Park, Falcon Field, Golfland Sunsplash amusement park, Gold Field Ghost Town, Canyon Lake and Hohokam Stadium, the longtime baseball spring training facility for the Chicago Cubs.

 For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716