Comfort Suites in Old Town Scottsdale sells for $7.25M

A Scottsdale investor has purchased this property at 3275 N. Drinkwater Blvd. (Submitted photo)

A private investor in Scottsdale has purchased the Comfort Suites Old Town Scottsdale, 3275 N. Drinkwater Blvd., for $7.25 million, according to a release announcing the sale.

The investor, who specializes in hospitality properties, plans to update the operations of the hotel and “take advantage of quality market conditions in the Old Town Scottsdale hotel industry,” the release stated.

The Comfort Suites Old Town Scottsdale is on 1.32 acres and includes 32,436 square feet of space. The 60-room suites hotel was built in 1995.

The Scottsdale investor purchased the property from Colony North Star REIT, with offices in Los Angeles and New York. James Meng and Jon Grantham of Colliers International in Greater Phoenix negotiated the purchase on behalf of the buyer. Colony North Star represented itself in the transaction.

“This is a great example of the Colliers International Hotel team working with institutional ownership to provide an otherwise unobtainable opportunity to the private capital pool,” Mr. Meng stated.

Mr. Grantham stated that the sale provided “Colony North Star a great price and the private investor the opportunity to capitalize on a newly renovated hotel in one of Phoenix’ hottest submarkets.”

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