Lightstone REIT Picks Up Tucson Aloft for $19M
Tuesday April 22nd, 2014 - 8:54AM FEHB
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TUCSON, AZ—HREC Investment Advisors arranged the sale of the 154-room Aloft Tucson University Hotel on behalf of the seller, Starwood Hotels & Resorts Worldwide, Inc.
The Hotel, purchased for $19 million, was acquired by Lightstone Value Plus Real Estate Investment Trust II, Inc., a public, non-traded REIT sponsored by The Lightstone Group, a privately held real estate company.
Island Hospitality Management will manage the property and the hotel will remain branded as an Aloft.
HREC SVP Bill Murney and Founder/CEO Mike Cahill were the lead HREC team members during the transaction.
"The Aloft is the newest hotel in the Tucson market [with] a premier location next to the University of Arizona campus and Medical School. The Aloft brand is perfect for this location," said Murney.
The Aloft Tucson University Hotel is two blocks from the University's Medical Center, six miles from the Tucson Mall, eight miles from the Davis-Monthan Air Force Base and 8.5 miles from Tucson International Airport.
With a student population of approximately 40,000, the University of Arizona serves as a major demand generator for the property.
Tags: HREC Investment Advisors • Aloft • Tucson • AZ • Starwood Hotels Resorts Worldwide • Hospitality • Brands • Acquisitions • Brokers • Ownership •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.