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6/03/24
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Chatham Lodging Trust purchased the 148-room Home2 Suites by Hilton Phoenix Downtown in a $43.3 mil ($293k/room) transaction. The asset was sold by Anish Hotels Group.
Strategically located in the heart of downtown at 125 East Jackson St, along the cusp of the revitalized Warehouse District, the property officially opened in January 2024, providing guests unparalleled access to the Footprint Center, Chase Field, and the Phoenix Convention Center. The newly constructed six-story asset is connected to and incorporates the historic Fuller Paint Company Building. The unique project offers a customized reception area, a guest lobby, 1.2k sf of meeting space, as well as a signature food and beverage outlet.
"This property represents Anish Hotels Group's vision to develop premium branded hotels in urban and high barrier-to-entry markets across the Sun Belt region, even if that means we have to get creative," said Anish Patel, Vice President at Anish Hotels Group. "The Home2 Suites Phoenix Downtown is unique in that it incorporates a 95-year-old historic building with a brand-new hotel tower within a vibrant downtown submarket.”
CBRE's Carter Gradwell, Jennifer Bergamo and Rick Rush advised the seller in the transaction.
Chatham funded the purchase using proceeds from recent asset sales and available cash. Island Hospitality Management will manage the hotel.
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