SHERIDAN, WYOMING – Feb. 21, 2025 – Marcus & Millichap has announced the successful sale of the 149-room Courtyard Tucson Airport in Tucson, Arizona. This significant transaction underscores the robust investor interest in strategically located hospitality assets, particularly those in thriving airport submarkets.
Strong Investor Demand in Airport Submarkets
"This transaction highlights the continued investor demand for well-positioned hospitality assets in strong airport submarkets like Tucson,” said Ebrahim Valliani, SVP, investments, Marcus & Millichap. This statement emphasizes the attractiveness of airport-adjacent properties to investors seeking stable returns and growth potential. The Tucson International Airport's prominence as a regional travel hub likely played a key role in the property's appeal.
Key Features of the Courtyard Tucson Airport
The Courtyard Tucson Airport boasts several features that contributed to its marketability. “The property’s recent renovations and proximity to Tucson International Airport made it a particularly attractive opportunity for both the buyer and seller,” added Valliani. The 2021 renovations likely modernized the property and enhanced its appeal to travelers, while the proximity to the airport provides convenient access for guests.
Marcus & Millichap's Role in the Transaction
Ebrahim Valliani and Michael Klar, senior associate, both investment specialists in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller and secured the buyer. This demonstrates the firm's expertise in facilitating complex real estate transactions. Both entities involved in the purchase and sale are limited liability companies. The deal also benefited from the support of Allan Miller and Chris Gomes of the Miller-Gomes Hotel Team. Ryan Sarbinoff served as the firm’s broker of record in Arizona. This collaborative effort highlights the importance of teamwork in successful transactions.
Property Details and Amenities
The three-story hotel sits on a 3.99-acre lot just off Interstate 10, less than a mile from Tucson International Airport. Originally built in 1988, the hotel underwent renovations in 2021, ensuring its modern appeal. Guests can enjoy a variety of amenities, including an outdoor pool, fitness center, business center, on-site bistro, and meeting space. These features cater to both leisure and business travelers, further enhancing the property’s value.
Strategic Location and Accessibility
The hotel's location near Interstate 10 and its close proximity to the airport offer excellent accessibility for travelers. This strategic positioning makes it a desirable choice for those traveling to or from Tucson. The combination of convenient location and updated amenities makes the Courtyard Tucson Airport a competitive player in the local hospitality market.
Impact on the Tucson Hospitality Market
This sale reflects the ongoing dynamism of the Tucson hospitality market. The successful transaction highlights the demand for quality hotel properties in strategic locations. It also underscores the expertise of Marcus & Millichap in connecting buyers and sellers in the commercial real estate market. The sale is likely to have a positive impact on the local economy, contributing to job creation and increased tourism revenue.
Looking Ahead
The sale of the Courtyard Tucson Airport serves as a positive indicator for the future of the Tucson hospitality market. The continued interest from investors in well-positioned properties suggests a healthy and growing sector. This transaction also reinforces the value of strategic renovations and upgrades in attracting buyers and maximizing property value. The expertise and market knowledge demonstrated by Marcus & Millichap played a crucial role in the successful completion of this significant deal. This acquisition is expected to benefit both the buyer and the seller, while also contributing to the overall strength of the Tucson economy.
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