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Atlanta investor buys Prescottonian Hotel for $11.6M

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Property offers expansion opportunity with 2.64 undeveloped acres

PHOENIX - The Best Western Prescottonian hotel at 1317 E. Gurley Street in Prescott was sold to an Atlanta investor for $11,600,000. The property, which includes 2.64 acres of undeveloped land, sold for the highest price per room ever recorded in Prescott/Prescott Valley.

“The Prescottonian has always been a strong cash flowing asset and it was a privilege working with the seller on his first and only hotel property,” says Mike Montoya, associate vice president with Colliers in Arizona. “The buyer takes over a well-performing hotel with multiple value add opportunities.”

Olson Capital Investments of Atlanta purchased the property from Thomas Foster of Prescott as part of a 1031 Exchange. Montoya represented the seller in the transaction. The buyer was represented by Jon Grantham, also of Colliers in Arizona. The buyer, who has family ties in Prescott, wanted to enter the hospitality market with an exterior corridor hotel in this growing market. The seller owned the property for more than 30 years and plans to retire.

The Best Western Prescottonian was built in 1968 and contains 121 guest rooms. The property was renovated throughout its existing, including modernizations completed last year. The property is up to date on current Best Western Property Improvement Plan Standards. The property features an on-site restaurant and meeting space, as well as an outdoor, heated pool. 

Conveniently located off Gurley Street, adjacent to State Routes 69 and 89, the Prescottonian is just one mile from Downtown Prescott. Nearby attractions include a casino, rodeo, zoo, hiking trails, golf courses and museums. 

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $77 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

 

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Mike Montoya

Associate Vice President

Phoenix

Mike Montoya is a senior associate with Colliers, specializing in the exclusive representation of buyers and sellers of hospitality investment properties, with a focus on branded and boutique assets throughout the Western United States.

Mike partners with James Meng, senior vice president; and Jon Grantham, vice president.

The team provides extensive advisory services and representation to clients in the disposition, management, and acquisition of hospitality-related assets. They also advise companies and owners pursuing the monetization of real estate holdings through hospitality asset financing.

Dedicated to serving his clients’ interests, Mike develops effective investment strategies that align with their business objectives. He analyzes how property acquisition, management and disposition can affect the success of his clients’ portfolios.

As an instinctive problem-solver with an analytical approach, Mike carefully guides clients through the negotiation and transaction process to maximize value while minimizing risk.

Known for their in-depth understanding of the hospitality market and innate knowledge of hotel operations, the team leverages their operational and ownership experience to create significant value and upside for clients.

Mike joined Colliers in 2017, as an investment associate, specializing in the acquisition and disposition of hotels, land, office buildings and industrial properties.

Mike’s background includes seven years of experience in the global logistics industry, specializing in account management and operations. As a senior specialist with APL Logistics in Scottsdale, Mike managed high-profile retail accounts, including Under Armour®, American Eagle and Talbots.

At APL Logistics, he implemented direct-ship programs to improve speed-to-market, led client business reviews and resolved operational challenges. Mike streamlined processes and procedures for APL’s global network by implementing top supply chain industry practices into a network of 110 offices within 60 countries.

Previously, Mike held positions as service center manager and import/export manager for Knight Transportation in Phoenix. He increased fleet size by 33 percent while managing operations for some of Knight’s most prominent international clients.

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Jon Grantham

Senior Vice President

Phoenix

Jon Grantham is a vice president with Colliers, specializing in the exclusive representation of buyers and sellers of hospitality investment properties.

Jon focuses on private capital transactions for branded and boutique assets, primarily in the Western United States. He partners with James Meng, senior vice president; and Mike Montoya, senior associate.

The team provides extensive advisory services and representation to clients in the disposition, management, and acquisition of hospitality-related assets. They also advise companies and owners pursuing the monetization of real estate holdings through hospitality asset financing.

Jon’s inherent analytic mentality and ability to react to and learn from a rapidly changing marketplace allow him to develop strategies that meet clients’ short- and long-term real estate investment goals. He clearly communicates his value proposition and presents solutions to clients that align with their business plans.

Known for their in-depth understanding of the hospitality market and innate knowledge of hotel operations, the team leverages their operational and ownership experience to create significant value and upside for clients.

Taking a fresh, exciting, impactful, and targeted approach, the team’s marketing is designed to generate the greatest exposure and interest in the marketplace. 

Colliers provides one of the most prolific international platforms within the industry for foreign capital investment sales, enabling the team to maximize exposure for their clients and provide a proven conduit to foreign capital.

Jon works with Colliers International’s Hotels Group, which provides significant local, regional, national, and international market knowledge and expertise needed to produce world-class marketing campaigns.

Prior to joining Colliers, Jon was a hospitality and multifamily investment specialist and member of the national Hospitality Group with Marcus & Millichap.

Jon started his career in market research for Pierce-Eislen, where he created indices used by public and private national REITs, private capital investors and industry leaders to forecast real estate cycles in 50 major metropolitan statistical areas (MSAs).

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