Locally based Phoenix Family Partners Inc. bought the asset from HPTWN Properties Trust and plans to raze it to develop a mixed-use commercial community on the site, according to Tom Ives, senior vice president of CB Richard Ellis Hotels who brokered the deal. Ives says the price represents "essentially the land value of the three-acre site." At $3.5 million, the land equates to about $1.17 million per acre or $26.78 per sf.
"This transaction underscores that older hotels in highly desirable infill areas are not always the highest and best use, and that while competing hotel offers were received at the asking price, the best offer ultimately came from a non-hotel user," he adds.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
