By Jon Hecht for JournalAZ.com | AZBEX
The Cottonwood City Council unanimously voted in favor of selling a 3.74- acre parcel of land at 535 S. Sixth Street, to Sunridge Properties Inc., a management company that has 17 hotels spread across Arizona, California, Colorado, New Mexico and Utah, for a price of $383,328.
The sale is equal to $4/SF, based on a January 2018 appraisal.
Sunridge requested to purchase the property with a plan to build a Springhill Suites by Marriott hotel at the location, with a plan for 85 beds. Sunridge expects to spend $11M to construct the new hotel.
“Our thinking is that Cottonwood is a nice community,” Springfield CEO Paul Welker told the council at a recent meeting. “We feel like it would attract a lot of people who would not want to pay $3-, $4-, $500 sometimes when rates get crazy in Sedona. If they see something at a third of that, I think a lot of those people will elect to go 15 miles to Cottonwood and stay here, and I think that will benefit your community.”
