HSL Properties purchased the Clarion Hotel® Airport located next to Tucson International Airport for $4.5 million.
HSL has been approved to rebrand the hotel as a Best Western® Plus and plans to complete $2 million worth of renovations to the hotel in time for a mid-2012 rebranding.
Tucson, AZ (01/13/12) – HSL Properties purchased the Clarion Hotel® Airport located next to Tucson International Airport for $4.5 million. HSL has been approved to rebrand the hotel as a Best Western® Plus and plans to complete $2 million worth of renovations to the hotel in time for a mid-2012 rebranding.
“There hasn’t been a new hotel addition to the Tucson Airport area in the last three years, and we anticipate a great deal of demand for a Best Western in that location,” said Omar Mireles, Executive Vice President of HSL Properties. “We look forward to meeting that demand and adding to our growing hospitality portfolio with a new Best Western Plus.”
The transaction closed on December 28th, and HSL submitted an application to Best Western and was approved to own and operate the soon-to-be renovated Clarion as a Best Western Plus. With an aggressive renovation timeline that aims for a mid-year conversion, HSL is in the beginning stages of architecture and design on the hotel. The substantial renovation plans include significantly updated rooms and meeting spaces and an improved restaurant and fitness center.
Once renovated, the hotel’s 188 guest rooms will feature new digital air conditioning units, new flooring and new furnishings. The hotel’s façade will be updated, and the 2,500-square-feet of meeting and banquet space will be renovated. The restaurant and bar will be refurbished and the fitness center will feature new equipment.
The Clarion Hotel Airport is the latest property acquisition for HSL Properties, which, along with its affiliates, currently owns four hotels and over 38 apartment communities in Arizona. HSL La Placita LLC, an affiliate of HSL, also recently acquired downtown Tucson’s La Placita Village.
For more information about HSL Properties, please visit www.hslproperties.com.
Media: To schedule an interview with Omar Mireles, Executive Vice President of HSL Properties, please call the contacts at the bottom of this press release.
Formed in 1975, HSL Properties currently owns and operates more than 10,000 apartment units in 41 apartment communities and is the largest apartment owner in Southern Arizona. HSL Properties was originated with the concept of creating value for its investors by providing excellent service to its residents while controlling operating costs. Visit www.hslproperties.com for more information.
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