YUMA, AZ— Commercial real estate investment services firm Marcus & Millichap has arranged the sale of La Fuente Inn & Suites, a 96-room hospitality property here, according to Kevin W. Boeve, regional manager of the firm’s Ontario office. The asset sold for $5,750,000, representing 97% of the listed price.
Aseem Tandon, director—National Hospitality Group in Marcus & Millichap’s Ontario office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. After a comprehensive marketing campaign targeting local, regional and national buyers, Aseem procured a southern California-based private buyer.
“This was a great example of Aseem’s understanding of the asset, the local market and what a buyer could do to create value through new ownership. The seller received a market price, and the buyer acquired the asset at a great basis from which to strategically grow value,” notes Gregory A. LaBerge, national director of Marcus & Millichap’s National Hospitality Group.
La Fuente Inn & Suites is located at 1513 East 16th Street, off Interstate 8 and the 16th street exit. This AAA Three Diamond hotel is comprised of 96 rooms and serves a diverse set of demand drivers including two premier military installations in Yuma, recreational activities central to its close proximity to the Colorado River, and its five-minute walk to Yuma Palms Regional Center, with more than 490,000 sq. ft. of department and specialty stores, restaurants and entertainment.