Follow on Google News
News By Tag
News By Place
Follow on Google News
The Mogharebi Group Advises Seller on $8.9 Million Sale of Utah Hotel Portfolio
By: The Mogharebi Group
The portfolio, which consists of a 106-room Quality Inn and a 50-room America's Best Value Inn, are located within one block of each other on North 1100 West, directly off of U.S. Interstate 15. The Interstate is one of the West's important north/south corridors stretching from Alberta, Canada to San Diego, CA. Cedar City is an important resting stop on the I-15 for the millions of visitors traveling to the "Mighty Five National Parks" -- Arches, Bryce Canyon, Canyonlands, Capitol Reef and Zion. Each day, approximately 30,000 automobiles pass through Cedar City. The two hotels are also popular among families visiting the 12,000 students enrolled at Southern Utah University, which is less than two miles away.
"Hotels in the region are exceeding pre-Covid levels in terms of occupancy and RevPAR, particularly in Cedar City, which is performing better than most hotels in Utah. This is reflected in the increasing investor appetite for hotels located near the national parks and Utah's famed ski resorts," said Mogharebi Senior Vice President Adam Gatto who leads the firm's newly formed hospitality practice out of the Salt Lake City office. "We were able to attract numerous bidders immediately upon putting the portfolio on the market and ultimately advised the seller to accept an offer from a local investor with significant holdings in the region."
Built in 1984 and renovated in 2014, the 106-room Quality Inn at 250 North 1100 West is comprised of two-story buildings situated on three parcels totaling 2.03 acres. Guest facilities include a fitness center, indoor heated swimming pool, and business center.
Built in 1998 and renovated in 2004, the 50-room America's Best Value Inn at 333 North 1100 West is comprised of a two-story building situated on two parcels totaling 1.69 acres. Guest facilities include an outdoor swimming pool and indoor corridors.
The property was co-listed with Kip Paul, Vice Chairman, Investment Sales with Cushman & Wakefield.
About The Mogharebi Group
The Mogharebi Group (http://www.Mogharebi.com) is a real estate investment and advisory firm specializing in the multifamily property sector throughout the Western United States. Backed by unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-
DB&R Marketing Communication, Inc