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 •
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.