Hilton Phoenix Airport Hotel Sells for $38M
- Dec 07, 2016
by Evelina Croitoru
Phoenix—The 47th Street Phoenix Airport LLC, an entity wholly owned by the Caliber Distressed Real Estate Income Fund LLC and managed by Caliber Hospitality, a division of Caliber – The Wealth Development Co., has purchased the Hilton Phoenix Airport Hotel for $37.7 million. The transaction marks the company’s largest acquisition to date. The four-story, 259-key hotel is located at 2435 S. 47th St. in Phoenix. With this transaction, Caliber now owns more than 51 percent of all full-service hotel rooms in the Phoenix Airport submarket.
“The Hilton Phoenix Airport Hotel further cements Caliber’s position as a premier hotel owner, having purchased five hotels in Arizona and Alaska the past 18 months, bringing its grand total ownership of hotel rooms to exceed 1,200. Caliber’s accredited investors are in tune with the upside potential alternative strategies that can contribute to a diversified portfolio using real estate. We’re excited to give individuals, who rarely have a chance to directly invest in this type of project, access to owning a hotel property they can visit, walk through the lobby and feel real pride of ownership.” Chris Loeffler, CEO & co-founder of Caliber, said in prepared remarks.
The Hilton Phoenix Airport Hotel features a business center with complimentary printing service, 10,000 square feet of meeting/convention space with an amphitheater, notary public, gift shop, fitness room and a pool, among other amenities. The hotel underwent an extensive $8 million revamp in 2015, enhancing in this way all areas of the property to maintain its status as a leading hotel in the South Airport market. An additional $750,000 property improvement plan is scheduled to add modern conveniences and upgrades to the restaurant, bar and other common areas, as well as parking lot improvements.
The newly acquired asset is the latest in a series of investments Caliber made as part of its long-term diversification strategy. Hilton Phoenix Airport Hotel will be managed by HMC Hospitality.
Image courtesy of Hilton