The Mogharebi Group has advised a Utah-based private investor on the $8.9 million sale of a 156-key select-service hotel portfolio in Cedar City, Utah.
The portfolio includes a 106-room Quality Inn and a 50-room America’s Best Value Inn that are located within one block of each other. The two hotels are also popular among families visiting the 12,000 students enrolled at Southern Utah University, located less than two miles away.
“Hotels in the region are exceeding pre-COVID levels in terms of occupancy and RevPAR, particularly in Cedar City, which is performing better than most hotels in Utah. This is reflected in the increasing investor appetite for hotels located near the national parks and Utah’s famed ski resorts,” said Mogharebi Senior Vice President Adam Gatto. “We were able to attract numerous bidders immediately upon putting the portfolio on the market and ultimately advised the seller to accept an offer from a local investor with significant holdings in the region.”
Both properties have been well maintained by the seller who has owned them for more than a decade, according to Gatto.
Built in 1984 and renovated in 2014, the 106-room Quality Inn is comprised of two-story buildings situated on three parcels totaling 2.03 acres. Guest facilities include a fitness center, indoor heated swimming pool, and business center.
Built in 1998 and renovated in 2004, the 50-room America’s Best Value Inn is comprised of a two-story building situated on two parcels totaling 1.69 acres. Guest facilities include an outdoor swimming pool and indoor corridors.
The property was co-listed with Kip Paul, vice chairman, investment sales with Cushman & Wakefield.