Colliers International in Greater Phoenix has negotiated the purchase of two Glendale hotels. Trimark Property Group of Pacific, WA purchased the hotels for $22 million. The Staybridge Suites at 9340 W. Cabela Dr. and neighboring Holiday Inn Express and Suites at 9310 W. Cabela Dr. have become part of Trimark’s portfolio in the Western U.S.
Trimark Property Group purchased the properties from Rockbridge Capital of Columbus, OH. James I. Meng and Jon Grantham of Colliers International in Greater Phoenix represented Trimark in the purchase transaction.
“Strong underlying macroeconomic fundamentals in the Phoenix MSA and our team’s track record of aligning institutional and private investors has really pushed our transaction volume this year,” says James I. Meng. “This transaction will mark our 8th and 9th hotels we’ve transacted in our market this year. Our clients have really found value in our services and it shows through our results.”
“Limited serve and compact full serve hospitality assets are in high demand and our team has many years of experience identifying off market assets for buyers and marketing assets for clients who are looking to exit,” says Jon Grantham.
The two properties, constructed in 2007 and 2008, sit on 4.5 acres and feature a total of 212 units.