“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
The iconic Hyatt Regency Phoenix, one of downtown’s biggest hotels, sold for $107 million Thursday.
The buyer was an investor group led by Chicago-based Gem Realty, according to public real-estate records. Los Angeles-based DiNapoli Capital Partners, which bought the hotel for $96 million in 2008, sold the property.
The 41-year-old Hyatt, with its revolving Compass restaurant on the 24th floor, is a downtown institution. But the 693-room hotel has seen increased competition over the past several years.
Newer hotels include Arizona’s largest hotel, the 1,000-room Sheraton Phoenix Downtown, the Westin Downtown Phoenix and the Hotel Palomar Phoenix, downtown’s first Kimpton Hotel.
Longtime competitor Renaissance Phoenix Downtown just completed a renovation that included a splashy new lobby and the addition of a new saloon called Dust Cutter.
A 2016 deal for Phoenix to sell the taxpayer-owned Sheraton for $300 million hasn’t yet closed. A Florida investment firm has been negotiating to buy the hotel.
Gem Realty didn’t return phone calls about the purchase of the Hyatt. The buyer put a $5.75 million down payment on the hotel.
Privately held Gem has owned other U.S. hotels, including the Sofitel in Los Angeles and the Waldorf Astoria in Orlando.
The Hyatt was designed by Charles Luckman and Associates, the firm that designed the Phoenix Convention Center and Phoenix Symphony Hall.
READ MORE:
3 new hotels in downtown Phoenix to bring hundreds of rooms
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
Please call or text me on my cell: 520-975-5207 or send me an e-mail walterunger@ccim.net
KASTEN LONG SALES VOLUME 1000+ APARTMENT SALES; $1+ BILLION / METRO PHOENIX AZ –
How to Capitalize on Hot Phoenix Apartment Market
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
ARIZONA FACTS – YEAR 1848 TO 2013
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
WEEKLY APARTMENT CLOSING UPDATE THROUGH June 2 / 2017 / Phoenix Arizona Metro
WEEKLY APARTMENT CLOSING UPDATE THROUGH May 26 / 2017 / Phoenix Arizona Metro
DOWN TOWN PHOENIX IS HOT – MULTI-FAMILY HOUSING ANALYSIS MAY 17-2017
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience
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Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
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Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
Direct: 520-975-5207
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