Apple Hospitality Expands AZ Portfolio With $44M Phoenix Buy
- May 07, 2018
Apple Hospitality REIT has grown its Arizona hotel portfolio with the acquisition of a 210-key Hampton Inn & Suites by Hilton in Phoenix. The trust bought its 12th Arizona hotel for $44 million. Developer Mortenson Construction broke ground at the site in March 2017 and finished construction earlier this year.
The REIT owns 11 other hotels in Arizona, including properties in Tucson, Phoenix, Scottsdale and Chandler, all under the Hilton and Marriott brands. Apple Hospitality recently paid $63 million for two other Hampton Inn & Suites by Hilton, in Atlanta and Memphis, Tenn.
Hampton Inn & Suites by Hilton Phoenix Downtown opened its doors at the beginning of this month. The hotel is situated at 77 E. Polk St., on the corner with Central Avenue. Its central location puts visitors within walking distance of Phoenix’s central business district, the Phoenix Convention Center, as well as multiple upscale bars, restaurants, entertainment venues and art galleries. Arizona State University’s downtown campus is adjacent to the hotel, while the Arizona College of Medicine is a few minutes away by foot. Two light rail stations are within walking distance as well, and Phoenix Sky Harbor International Airport can be reached in about 10 minutes by car.
Hampton Inn & Suites by Hilton Phoenix Downtown was designed by PK Architects and Design Force and is managed by North Central Group.