Paramount Lodging Advisors completes the sale of the Country Inn & Suites in Tempe, Arizona
May 24, 2011 | Filed in: Press Releases
Scottsdale, AZ – May 24, 2011 - Paramount Lodging Advisors is pleased to announce the sale of the 83-room Country Inn & Suites Tempe/ASU, AZ.
Paramount Lodging Advisors Managing Director Lloyd Farley represented the seller, Hallmark Inns & Resorts, in the transaction. The property transacted at $4,100,000 with an additional $600,000 reserve for Country Inn & Suites change of ownership property improvement plan. This represented a cumulative price per room of $56,626 including the cost of the PIP. The Country Inn & Suites was purchased by Manchester Alliance Group who plans to operate the asset as a Country Inn & Suites.
Paramount Lodging Advisors (HQ Chicago, IL) specializes in full service hotel brokerage and advisory, debt and equity sourcing, international hospitality executive search and asset management advisory. For additional information, contact Lloyd Farley.
Paramount Lodging Advisors (HQ Chicago, IL) specializes in full service hotel brokerage and advisory, debt and equity sourcing, international hospitality executive search and asset management advisory. For additional information, contact Lloyd Farley.