LA JOLLA, Calif., May 7, 2013 /PRNewswire/ — A private real estate investment firm, Variant Commercial Real Estate, L.L.C. (Variant), recently purchased an off-market, Comfort Suites flagged hotel in Tucson, AZ.
The hotel is located in close proximity to the Tucson Mall and consists of 87 guestroom-suites covering 40,427 square feet. The three-story hotel was built in 1998 and is situated on roughly 1.5 acres. Variant is currently negotiating the purchase of five other hotels in the state of 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. Follow Variant on Twitter: @VariantCRE.
Visit Variant's website: www.vcre.com.
About Variant Commercial Real Estate
Variant Commercial Real Estate, L.L.C. (Variant), with offices in Tucson, La Jolla, Los Angeles, Phoenix, Dallas, Portland, and New York City, focuses on opportunistic commercial acquisitions in multifamily, self-storage, hospitality assets, and offices; Variant works to increase value through strategic capital improvements and enhancing property operations. The growth of Variant's portfolio is built around maintaining disciplined investment parameters while diversifying in target markets across the Sun Belt region and into the Northwest. With the company's expertise and integrated business model, Variant anticipates closing $500 million in new acquisitions over the next two years.
For more information, please contact:
Matt Hawkins
President
Variant Commercial Real Estate
Dallas Corporate Office
2828 Routh Street, Suite 500
Dallas Texas 75201
214.220.0061
Email
Cash Doye
Capital Markets Director
Variant Commercial Real Estate
La Jolla Corporate Office
7590 Fay Avenue, Suite 401
La Jolla, CA 92037
858.230.6553
Email
Kristina Quesada
Acquisitions Director
Variant Commercial Real Estate
Tucson Corporate Office
3915 E. Broadway Boulevard, Suite 400
Tucson, AZ 85711
520.209.2468
Email