Ramada Inn In Tucson, Arizona for $4.2 million
IRVINE, CA, June 14, 2004 - Accelerated Marketing Group, Inc., a California based hotel brokerage and auction firm in cooperation with Tucson Realty and Trust, announced today the sale of the 173-room former Ramada Inn and adjacent freestanding restaurant, which was sold at auction on May 13, 2004 in the bankruptcy court of the Honorable Eileen W. Hollowell.
The limited-service property is located at 5251 South Julian Drive in Tucson Arizona, Pima County. The hotel is comprised of 16 two-story buildings in a 5.82-acre garden-style complex. The exterior corridors overlook courtyards containing one outdoor swimming pool and four whirlpool spas. Built in 1984, the property includes a ballroom with over 3,000 square feet of meeting space and a continental breakfast area located in the lobby area. The adjacent full-service restaurant with cocktail lounge is approximately 8,000 sq. ft., was built in 1985 and is situated on a separately parceled 1.24 acres.
The Property was marketed for seven weeks prior to the auction with over 200 local, national and international contacts requesting information. Twenty-one bidders presented $100,000 cashier's checks and were admitted to the standing-room-only courtroom for the auction. "This auction received a phenomenal turnout from the hotel-buying community," said Rod Apodaca, Director of AMG Hospitality. "Escrow closed after only 15 days."
The winning bid of $3.96 million was submitted by Palo Verde Property, LLC, a California Limited Liability company. A 6% buyer's premium and a marketing recovery fee were added to the bid for a total purchase price of $4,217,600.
About Accelerated Marketing Group: Accelerated Marketing Group designs customized accelerated and conventional marketing campaigns to fit the requirements of sellers while understanding the acquisition needs of the buyer. Founded by Rod Apodaca, Director AMG Hospitality and Todd Good, Director AMG Auctions, Accelerated Marketing Group is headquartered in Irvine, California. Accelerated Marketing Group can be found on the Web at www.amgre.com.
Director AMG Hospitality
Accelerated Marketing Group
|Also See:||Accelerated Marketing Group in Cooperation with Tucson Realty & Trust Retained to Conduct U.S. Bankruptcy Court Ordered Auction of the 176 Room (former Ramada) at 5251 S. Julian Drive, Tucson on May 13, 2004 / April 2004|