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Foreclosed Hampton Inn Trades to West Coast Investor

PHOENIX-A West Coast buyer enters the hospitality market with the $4.5-million acquisition of a 123-room Hampton Inn. The hotel will undergo about $700,000 ofrenovation work.

By Jennifer D. Duell | Updated on September 14, 2004

PHOENIX-After several years of owning convenience stores and gas stations, Royal LLC of Gig Harbor, WA, jumped into the hospitality market with the acquisition of the 123-room Hampton Inn along Interstate 10 West. The limited-service hotel has sold for $4.5 million.

Jeff Cunningham and Bill Murney of CB Richard Ellis Hotels brokered the deal. At close, the six-year-old hotel at 5152 W. Latham St. was producing 66% occupancy at $59 per room per night. On a annual basis, it was achieving about $1.7 million in gross room revenue.

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