March 23–ALBUQUERQUE, N.M. — The Sunport's only hotel is up for sale.
The Sheraton ABQ Airport Hotel, 2910 Yale Blvd. SE, is listed on Ten-X, the online real estate marketplace. The 276-room property will be auctioned on April 26, according to the Ten-X listing.
The starting bid for the leasehold interest of the property, which sits on nearly 10 acres, has not been determined, but the Bernalillo County Assessor's Office values the property at nearly $7.9 million. According to the Assessor's Office, the hotel is owned by VWI Albuquerque LLC and Easey, McCaleb & Associates out of Grapevine, Texas.
According to Ten-X, a participation deposit of $50,000 is required from potential bidders.
The 15-story building is "the sole lodging facility located on airport grounds at Albuquerque International Sunport Airport, making the hotel the most immediate and easily accessible lodging facility relative to the airport terminal," according to the listing.
"The potential buyer will gain an opportunity to acquire a full-service hotel at a price well below replacement cost," the listing reads.
Hotel amenities include several meeting rooms, a business center, fitness center, outdoor pool, complimentary Wi-Fi and a full-service restaurant, according to the investment overview section on the Ten-X site.
The property shows an average occupancy rate of 72.3 percent, according to Ten-X.
The hotel, built in 1973, underwent a $14 million revamp in 2010, the Journal previously reported. The property, once known as the Albuquerque Grand Airport Hotel, went into receivership as part of two foreclosure proceedings against the former owner, the Journal reported.
The license agreement with Sheraton will transfer with the sale, according to Ten-X. The Sheraton sits on a ground lease with the City of Albuquerque for a term of 55 years set to expire in 2062.
The property is listed by Phase One Realty of Santa Fe. Property showings are being conducted by Mike Armstrong of Hospitality Real Estate Counselors. Calls to both parties inquiring about the reason for the sale were not immediately returned.
