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HREC INVESTMENT ADVISORS ARRANGES SALE OF EMBASSY SUITES - PHOENIX, ARIZONA
(Denver, CO; Phoenix, AZ): The recent closing of the 229-room Embassy Suites in Phoenix, Arizona was handled by Bill Murney, Senior Vice President in HREC Investment Advisors’ Phoenix office.
Located on the southeast corner of the intersection of N. 44th Street and E. McDowell, the Hotel is located in the north Sky Harbor airport market and within a five mile radius of Arizona State University campus in Tempe, downtown Scottsdale and downtown Phoenix. The Embassy Suites is strategically positioned, making it one of the most desirable hotel locations in the area. The 229-suite property featured a 125-seat restaurant, fitness center, business center, room service, Concierge Desk and an Airport Shuttle.
“The Hotel has been closed and will be completely renovated over the next 5 months and reopen January 1st 2011 as a brand new Holiday Inn & Suites. The buyers are very excited to take this great hotel property in this location and return it to a top tier property again through this extensive renovation” states Murney.
The Canadian buyer group has hired Ocean Hospitality to oversee the renovation and ultimately operate the property. W.E. O’Neil has been hired as the contractor to implement the renovation. IHG is excited to have a full service Holiday Inn and Suites in the north Phoenix airport market. When reopened, the property will include 25 extended stay suites in addition to the complete renovation of the remaining 200 suites and the entire public space over the balance of the property.
About HREC: HREC is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), asset management and litigation support. With fourteen offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization.
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