Goodyear-based Byrd Enterprises picked up the 78,160-sf hotel at Bell Road and Loop 101 in a transaction that closed at nearly $3.8 million with Tier One Bank of Lincoln, NE one month after the bank foreclosed, Jeff Cunningham, with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com. He says the new owners plan to re-brand the hotel as a Holiday Inn Express. The opening will be held later this month following some minor renovations.
Byrd Enterprises' other Valley hotels include the Wingate Inn & Suites, Hampton Inn, Holiday Inn Express, all in Goodyear, and Hawthorne Suites in Chandler. The group also is building a Residence Inn in Goodyear.
Cunningham and Bill Murney, also with CBRE in Phoenix, negotiated the transaction for the buyers. Tier One Bank was represented by the law firm of Ryley, Carlock and Applewhite.
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