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3/06/23
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A portfolio comprising two hospitality assets totaling 229 rooms in Reno traded hands. The assets consist of a 94-key Staybridge Suites hotel and a 135-key Hilton Garden Inn hotel. They are located within one mile of each other off I-580.
The buyer, Reno-based Bajwa Properties LLC, already operates multiple hotel properties in the market. They retained Aimbridge Hospitality to manage the hotels, while the buyer’s company will asset manage the properties.
Staybridge Suites is located at 10559 Professional Circle and its facilities include a 24-hour business center, onsite meeting room with flexible space, outdoor pool and a fitness center. Hilton Garden Inn is located at 9920 Double R Blvd with property features that consist of on-site restaurant, business center, fitness center, indoor pool, and event space.
The properties are each positioned near Interstate 580 and very close proximity to Reno-Tahoe Airport. They offer easy access to local corporate offices and businesses and key attractions including Reno-Sparks Convention Center, Lake Tahoe, Wild Island, The Summit Reno, National Automobile Museum, University of Nevada-Reno, and a variety of casinos. Destinations such as Lake Tahoe, Carson City, and Truckee are also close.
Bill Murney and Steve Avanzino with Cushman & Wakefield represented the seller in the transaction. The price was not disclosed.
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