Sunport’s Only Hotel to Be Auctioned
- Mar 28, 2017
Albuquerque, N.M.—Sheraton Albuquerque Airport Hotel, Sunport’s only hotel, is listed on online real estate marketplace Ten-X. According to the listing, the 276-key property will be auctioned on April 26.
The starting bid for the leasehold interest of the property has not been determined, but the Bernalillo County Assessor’s Office values the property at nearly $7.9 million, and names VWI Albuquerque LLC and Easey, McCaleb & Associates as the owners. A participation deposit of $50,000 is required from potential bidders.
The 15-story asset has an average occupancy rate of 72.3 percent and is “the sole lodging facility located on airport grounds at Albuquerque International Sunport Airport, making the hotel the most immediate and easily accessible lodging facility relative to the airport terminal.”
Sheraton’s license agreement will transfer with the sale. The property sits on a ground lease with the City of Albuquerque with a term of 55 years set to expire in 2062, with two 10-year extension options. Phase One Realty of Santa Fe listed the asset. Mike Armstrong of Hospitality Real Estate Counselors conducts property showings.
The property, once known as the Albuquerque Grand Airport Hotel, was built in 1973 on nearly 10 acres at 2910 Yale Blvd. SE. In 2010, it was subjected to a $14 million renovation. Hotel amenities include several meeting rooms, a business center, fitness center, outdoor pool, complimentary Wi-Fi and a full-service restaurant.
Images courtesy of Sheraton ABQ Airport Hotel