Chicago hotel firm breaks into Phoenix market with $65 million buy downtown

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. FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU. Call me if you want to sell your property and  need an estimated value.   Phone / Prefer cell: 520-975-5207
Office: 480-948-5554 or email me
walterunger@ccim.net.   –       What is a CCIM.  

In Business and in Life you don’t get what you deserve, you get what you Negotiate.

contact me if you want the me to get you the value of your property.

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Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?

By Corina Vanek  –  Reporter, Phoenix Business Journal Aug 30, 2021

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Arbor Lodging Partners, a Chicago-based hotel investment and management company, purchased the AC Hotel Phoenix Downtown at the Arizona Center, the firm’s first investment in the Phoenix market.

The firm bought the 199-room hotel near Fifth and Van Buren streets for $65 million in a sale that closed Aug. 27, according to Maricopa County records.

“Phoenix has been a key target market for us for a while,” said Vamsi Bonthala, the CEO of Arbor Lodging Partners. “You can’t not see how fast it has been growing, but as we were digging into the market, we got really excited.”

Bonthala said Phoenix has had the reputation to out-of-state investors as being mainly a leisure market, but said he was excited to hear about all of the business and technology growth happening in the city, including Taiwan Semiconductor Manufacturing Co.’s massive plant in north Phoenix and the growth of the Phoenix Biomedical Campus, which is right near the hotel.

“We were intrigued by downtown,” Bonthala said. “Phoenix is the fifth-largest city in the country, but it has a downtown that is really starting to come into its own.”

AC Hotel Phoenix Downtown opened in February and was developed as a joint venture between LaPour Partners, NewCrest Image and Peachtree Hotel Group.

“This sale speaks to the optimism and strength of the downtown Phoenix market,” Jeff LaPour, president of LaPour Partners, said in a statement. “There is a lot happening downtown right now, and the investor appetite for new, high-quality, well-located, lodging assets in growth markets continues to increase in the post-pandemic economy.”

LaPour Partners is also a partner in the AC Marriott hotel at the Camelback Collective mixed-use development.

A pivot for Chicago firm

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Bonthala said his company usually considers itself to be a value-add investor, tending to buy hotels that can be extensively renovated and repositioned. Buying a brand-new hotel is new to them, but he said the firm is interested in looking at other new hotels as investment opportunities.

The sale was brokered by NewGen Advisory.

“The sale of the newly opened AC Marriott continues to demonstrate that Phoenix downtown is a market institutional hospitality investors are actively seeking and willing to pay a premium for the right brands in the right location,” Suraj Bhakta, CEO of NewGen said in a statement. “As the most active hospitality broker in the Arizona market, NewGen Advisory, is proud of our work to support the buyer and seller of this transaction.”

Bonthala said the hotel’s proximity to the Arizona State University downtown campus, the Phoenix Convention Center, Chase Field and the Footprint Center made the hotel especially attractive.

The firm is also actively seeking more investments in the Phoenix market, he said, adding that the firm spends a lot of time and research looking at a new market before making an acquisition, so it is valuable to apply that knowledge to multiple investments. The firm is looking at other opportunities downtown, as well as Scottsdale and the Camelback corridor, he said.

Despite the pandemic and its wide-reaching effects on the hospitality industry, Bonthala said the company is encouraged by Phoenix’s trajectory and the slate of high-profile events coming to the city in the next few years, including the Super Bowl and the NCAA Final Four.

“Phoenix has been a market we’d been eyeing for a long time, and we think it has a ton of potential,” he said.

SEE IT ALL: https://www.bizjournals.com/phoenix/news/2021/08/30/downtown-phoenix-hotel-sells.html

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FROM ME:  FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office  / Retail  / Industrial  / Multi-family /  please call me on my cell 520-975-5207 or e-mail me     walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. 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 your needs. I am marketing my listings on Costar, Loop-net,  CCIM,  CREXi, Catylist, and various other web sites.  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 international

   What is a CCIM.  In Business and in Life you don’t get what you deserve, you get what you Negotiate.

Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?

contact me if you want the me to get you the value of your property.

CCIM DEAL MAKERS    FALL 2020   THE BIGGEST DEAL   WALTER UNGER, CCIM, WITH WEST USA COMMERCIAL DIVISION IN PHOENIX REPRESENTED GCG HOLDINGS LLC IN ITS $29.43 MILLION SALE OF GOLD CANYON GOLF RESORT AND SPA IN GOLD CANYON, ARIZ., TO GOLD CANYON MJ LLC.

CCIM DEAL MAKERS    FALL 2020   THE BIGGEST DEAL  / WALTER UNGER, CCIM, WITH WEST USA COMMERCIAL DIVISION IN PHOENIX REPRESENTED GCG HOLDINGS LLC IN ITS $29.43 MILLION SALE OF GOLD CANYON GOLF RESORT TO GOLD CANYON MJ LLC.

Click here to find out what is a   CCIM:

 CLICK HERE TO VIEW ALL MY LISTINGS. 

PRESS RELEASE: Gold Canyon resort sells for $29.4M. Walter Unger CCIM from West USA Commercial Division Brokered the Transaction.

http://walter-unger.com/gold-canyon-resort-sells-for-29-4m/

Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?

What is a CCIM.

Walter Unger CCIM

Associate Broker

West USA Commercial Division

7077 E MARILYN RD.

Suite 200, Building 4.

Scottsdale AZ, 85254

Phone: 480-948-5554

Cell: 520-975-5207

walterunger@ccim.net

History of Arizona from  900 BC – 2017 -Timeline.

History of Arizona from  900 BC – 2017 -Timeline.

WHY PHOENIX? AMAZING!!!  POPULATION – IN 1950 THERE WERE 331,700 PEOPLE LIVING IN PHOENIX – “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”

PHOENIX TOPS US IN POPULATION GROWTH (MORE THAN LA, NYC) AND WHY THAT’S GOOD FOR THE ECONOMY, BUSINESS

History of Arizona from  900 BC – 2017 -Timeline.

WHY PHOENIX? AMAZING!!!  POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”

CLICK HERE TO VIEW MY WEBSITE

Walter Unger CCIM –  walterunger@ccim.net   – 1-520-975-5207  –  http://walter-unger.com

Why Phoenix?  This is a very interesting article, you should read it, amazing, there were only 350 K people living in Phoenix in 1950

Timeline of Phoenix, Arizona history

Phoenix, Arizona

Facts of Arizona – year 1848 to 2013

CLICK HERE:  Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.

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.

Walter Unger CCIM

Associate Broker

West USA Commercial Division

7077 E MARILYN RD.

Suite 200, Building 4.

Scottsdale AZ, 85254

Phone: 480-948-5554

Cell: 520-975-5207

walterunger@ccim.net

What is a CCIM.

FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME

CLICK HERE TO VIEW ALL MY LISTINGS. 

Also Call me if you need an estimated value of your Property.

Call me if you want to see a map with what is in the Construction Pipeline for Apartments.

Prefer cell: 520-975-5207,   or email me walterunger@ccim.net.       CLICK HERE TO VIEW ALL MY LISTINGS.    

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  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

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