Comfort Inn & Suites (UNDER CONTRACT)

Marcus & Millichap has been chosen to exclusively market for sale the Comfort Inn & Suites Alameda at Albuquerque Balloon Fiesta Park, a 3-story 68 room interior-corridor hotel located in Albuquerque, New Mexico. The Comfort Inn & Suites Alameda completed a $1.1M Move to Modern Property Improvement Plan in 2018 with completion in July 2019.  The seller has already undertaken the financial burden of occupancy dips associated with taking rooms off-line for a Property Improvement Plan in preparation for a change in ownership. Qualified investors will understand after having toured the property that the asset is offered with virtually zero change-in ownership PIP from the franchise company, who has already signaled their satisfaction with the seller’s completion of renovation efforts.

Prime location adjacent to Interstate 25 with proximity to Balloon Fiesta Park, which hosts the annual Mass Ascension of the Albuquerque Balloon Fiesta. Additional area room-demand drivers include the Sandia Peak Tram (North America’s longest aerial tram ride), area wineries and breweries, and Old Town Albuquerque, established in 1706,  a popular tourist destination known for its restaurants, shops, galleries, and the Albuquerque Museum of Art and History.

Per the September 2020 STR report, the Comfort Inn Alameda at Albuquerque Balloon Fiesta Park continued its trend of outperforming its comp set with a Trailing-12 month RevPAR penetration index of 117%, following 116% in 2019 and 125.8% in 2018.