Transactions - JANUARY 5, 2022

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GIC purchases Embassy Suites in Tucson, Ariz.

by Andrea Zander

Summit Hotel Properties has completed the acquisition of the 120-guestroom Embassy Suites by Hilton Tucson / Paloma Village for $25.5 million through its joint venture with GIC.

Situated on nearly six acres, the Embassy Suites’ location in the Catalina Foothills places it among Tucson’s highest-end single-family homes, shopping, and dining, and provides significant barriers to entry. Since Embassy Suites was built in 2007, no other hotels have been built within a 3-mile radius. The hotel is adjacent to La Encantada – an outdoor luxury shopping center with high-quality dining options, and an attractive tenant roster that includes Apple, Coach, Kendra Scott, Crate & Barrel, Williams Sonoma, Pottery Barn and Lululemon. Directly east of the Embassy Suites is La Paloma Country Club, a private club featuring 27 holes of Jack Nicklaus Signature Design Golf, world class tennis facilities, a resort pool complex and a variety of dining options. Additional demand in the market

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