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8/07/23
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In a notable Arizona hotel trade, MCR has acquired the 169-room Holiday Inn Express & Suites Scottsdale – Old Town in Scottsdale and the 121-room Hampton Inn by Hilton Phoenix-Biltmore in Phoenix. The price was not disclosed. With these two acquisitions, MCR now owns nine hotels in Arizona.
Holiday Inn Express & Suites Scottsdale – Old Town :3131 N. Scottsdale Rd, Scottsdale |
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Located at 3131 N Scottsdale Road in Old Town Scottsdale, the Holiday Inn Express & Suites features 169 suites and is 1.5 miles from Fashion Square Mall and near Scottsdale Stadium.
Hampton Inn Phoenix-Biltmore is located at 2310 E Highland Ave, off 24th St and Camelback Rd, and features 121 rooms. The hotel is located around the corner from the Biltmore Fashion Park, a popular shopping, dining, and nightlife destination, and is 10 minutes from the airport and 15 minutes from downtown. The location is also surrounded by an abundance of commercial office space and major employers.
Bill Murney with Cushman & Wakefield’s Hospitality team in Phoenix represented the seller, MIG Real Estate, in the transactions.
“These are tremendous hospitality assets with great optionality for the buyer. The Holiday Inn Express is planned to be converted to a Hilton or Marriott extended stay property, and the super high barriers to entry Hampton Inn location offers the capability to add another hotel where the parking garage is currently located,” commented Murney.
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