Tucson-based, HSL Hotel Opportunity Fund III (Omar Mireles, manager) bought the Radisson Suites Tucson at 6555 E Speedway Blvd in Tucson for $7 million ($23,411 per room) from the lender AIG Life Insurance Co and American International General Life Assurance of Los Angeles, CA and The United States Life Insurance Co of New York.
The 299-suite hotel had been returned to lender in February 2003 and was being sold in an REO sale in this transaction.
The hotel is located at Speedway and Dorado Boulevard, only a short drive away from the airport, the University of Arizona and many area businesses and attractions.
The Radisson Suites Tucson is a convenient choice for Tucson events, conferences, and business functions. Situated in an upscale neighborhood on the city’s east side, guests have access to a wide array of nearby restaurants, numerous shopping options, museums, and world-class golf courses. With over 20,000-square-feet of indoor and outdoor meeting space within the 202,358-square-foot hotel makes it ideal for both large and small events.
Amenities include an outdoor swimming pool with a sundeck, Breeze Patio Bar & Grill with delicious foods for guests and locals to enjoy, a fitness center, secure parking, and free Wi-Fi.
In addition to multifamily housing rental properties, HSL Properties currently owns and manages multiple hotels, offering a total of more than 900 hotel rooms including Hilton El Conquistador Resort in Oro Valley, Best Western Plus Tucson Airport in Tucson, Casa San Sebastien in Puerto Vallarta, Mexico, La Quinta Inn & Suites – Reid Park Hotel in Tucson, and Doubletree Suites by Hilton in Tucson.
HSL hotels focus on excellent service and top-quality accommodations in well-situated locations that appeal to both business and pleasure travelers.
2015 was a banner year for the US lodging industry and experts say sector fundamentals have never been stronger and at this juncture hotel property values have generally exceeded prior peak levels in most markets across the country.
During 2015, the US lodging industry achieved a noteworthy milestone with the number of available rooms surpassing 5 million per night. Lodging construction is now surging with more than 100,000 new rooms scheduled to come available this year. Generally while sector growth is a positive sign, it should be noted that new supply can raise individual room rates, even if they are at peak occupancy.
To learn more, see RED Comp #3583.