(Denver, CO; Phoenix, AZ): The recent closing of the 144-room Holiday Inn Phoenix West was handled by Bill Murney, Senior Vice President in HREC Investment Advisors’ Phoenix office. The hotel was sold by Charles Dunlap, a court-appointed receiver, to Champion Hotel Investment Company for $4.4 million.
Located on the northwest corner of the intersection of Interstate 10 and 51st Avenue in west Phoenix, the hotel is extremely well positioned and maintains superior freeway access and visibility to its nearby competitors. The Holiday Inn West is a four-story, 144 guestroom property featuring interior corridors, a restaurant, lounge, indoor swimming pool, fitness center, business center, and 4,000 square feet of flexible meeting space.
“The Holiday Inn is the only full service hotel within 5 miles radius or more, and provides meeting space as well as a full service lounge for its guest. These hotel amenities, that drive the repeat customer, were part of the attraction that created such significant buyer interest in this opportunity,” said Bill Murney.
Approximately six miles from downtown Phoenix, the immediate area maintains a mix of corporate and leisure demand generated from over 88 million square feet of industrial and 2 million square feet of office space within a file mile radius of the hotel, as well as the heavily trafficked Interstate 10, coming in from California.
“The buyers are extremely happy with the investment and plan some significant renovations to enhance the property and its financial performance. Retaining the Holiday Inn brand was also key to the upside the opportunity perceived by the new owner,” added Murney.
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.
For additional information, visit HREC’s website at www.hrec.com