Variant Enters Hospitality Sector

TUCSON, AZ—Private real estate investment firm, Variant Commercial Real Estate, L.L.C. has purchased an off-market, Comfort Suites flagged hotel here. The acquired hotel is located near the Tucson Mall and consists of 87 guestroom-suites covering 40,427 square feet. The three-story property was erected 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. In addition to Variant’s renovation strategy, the exceptional location also presents opportunity for lifts in the average daily rates. This is based on comparable properties in the area.