Scottsdale company buys Hilton Phoenix Airport Hotel for $37M, now owns majority of airport hotel rooms

 

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Dec 6, 2016, 4:07pm MST, Steven Totten   Reporter  Phoenix Business Journal

Scottsdale-based Caliber – The Wealth Development Company, in conjunction with 47th Street Phoenix Airport LLC, an entity wholly owned by investors, have purchased the Hilton Phoenix Airport Hotel for $37.72 million.

 

 

 

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The acquisition, along with company’s ownership of Holiday Inn & Suites Phoenix Airport and the Crowne Plaza Phoenix Airport, means that Caliber now owns the majority of all full-service hotel rooms near Phoenix Sky Harbor International Airport.

“The Hilton Phoenix Airport Hotel further cements Caliber’s position as a premier hotel owner having purchased 5 hotels in Arizona and Alaska the past 18 months bringing its grand total ownership of hotels rooms to exceed 1,200,” Chris Loeffler, CEO and co-founder of Caliber, said in a statement. Caliber’s accredited investors are in tune with the upside potential alternative strategies 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.”

The 259-room hotel underwent an $8 million renovation in 2015, and an additional $750,000 will go toward improving the property with modern conveniences and upgrades to the restaurant, bar and other common areas as well as parking lot improvements.

The company recently purchased the Hilton Tucson East for $9 million, and is working on a $14 million environmentally-friendly townhouse development in Tempe.

Steven covers retail, restaurants, hospitality/tourism as well as aviation, small business and nonprofits

 

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http://www.bizjournals.com/phoenix/news/2016/12/06/scottsdale-company-buys-hilton-phoenix-airport.html

 

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