Variant Commercial R.E. Enters Hospitality Sector
Tuesday May 7th, 2013 - 9:30AM E
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
LA JOLLA, CA—Private real estate investment firm, Variant Commercial Real Estate, LLC, has entered the hospitality sector with its recent acquisition of an off-market, Comfort Suites in Tucson, AZ.
The hotel is located near the Tucson Mall and consists of 87 suites covering. The three-story hotel was built in 1998 and is situated on roughly 1.5 acres. Variant is currently negotiating the purchase of five other hotels in Arizona.
Variant operates under a value-add, buy-and-hold strategy and has plans to renovate the property. Improvements will include room enhancements, new amenities, common-area upgrades and landscaping.
Tags: • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.