Hodges Ward Elliott Arranges Sale of Phoenix Marriott Hotel
- Oct 21, 2016
by Evelina Croitoru
Phoenix—Hodges Ward Elliott has represented the undisclosed seller in the closing of the leasehold interest sale of the Phoenix Marriott Tempe at The Buttes in Tempe, Ariz. HWE President Mark Elliot, alongside CEO Bill Hodges, brokered the deal on behalf of the seller. The hotel was purchased by Columbia Sussex Corp.
Located at 2000 W. Westcourt Way, the recently renovated 353-key property is situated on 27.7 acres of land in suburban Tempe and is set against the backdrop of a hillside butte. The hotel includes four dining facilities and 40,000 square feet of indoor meeting space with a 25,000-square-foot conference room. In addition, the destination features a resort-style pool, lighted tennis court, fitness center and a helipad, as well as 512 parking stalls.
“The Phoenix Marriott Tempe at The Buttes stands out as a great transaction for both the buyer and the seller. The hotel’s combination of its excellent location and first rate amenities, along with its growing cash flow, drew considerable attention from the investment community. We are pleased to have represented the seller in this deal, which also served as an opportunity for Hodges Ward Elliott to boost its already strong pipeline of activity in the Phoenix metro region,” Elliott said in a prepared statement.
Image courtesy of Marriott