Lagundi Hospitality Completes Sale in Arizona!
Phoenix, July. , 2018 – The Holiday Inn & Suites Phoenix-Mesa/Chandler at 1600 S. Country
Cub Dr. in Mesa has been sold to a Canadian investor for $13,100,000. The Manitoba-based
investor, developer, and hospitality management company plans to renovate and add mixed-use
elements to the existing hotel property.
“This hotel has seven acres of land with frontage on Highway 60,” says Jon Grantham,
associate vice president with Colliers International in Greater Phoenix. “The buyer plans to
continue renovation plans at the project, as well as add mixed-use to adjacent land that was part
of the acquisition. Existing positive trends in RevPAR indicate the hotel will benefit from the
renovations as well as the other projects the buyer has in mind.”
John Grantham and James Meng of Colliers International in Greater Phoenix represented the buyer.
A conglomerate of five separate limited liability corporations sold the property to
AP2 Development of Manitoba, Canada. This marks the first Phoenix acquisition for AP2
Development. Kirk Pankey of Lagundi Hotels & Resorts represented the buyer in the
Holiday Inn Suites Phoenix-Mesa/Chandler is situated on 7.03 acres of land at Highway 60
near the Loop 101. The 246-room property was built in 1982 and features significant meeting
room space, an on-site fitness center, and full-service restaurant. The hospitality property is located
near Golfland Sunsplash Waterpark, Mesa Riverview Stadium, Hohokam Stadium and Sky
Harbor International Airport. The hotel is also close to many neighborhood employers, including
Boeing, Banner, Curtiss-Wright, Empire Southwest, Joy Global, Free Scale, Wells Fargo, Intel,
Honeywell and Caterpillar.