Caliber - The Wealth Development Company, successfully closed on its largest acquisition to date with the four-story, 259-room Hilton Phoenix Airport Hotel in Phoenix. The property was purchased for a total investment of $37.72 million.
Located adjacent to Phoenix Sky Harbor International Airport, Caliber, which also owns the Holiday Inn & Suites Phoenix Airport and the Crowne Plaza Phoenix Airport, now owns more than 51 percent of full-service hotel rooms (781 rooms) in the Phoenix Airport submarket. HMC Hospitality will manage the hotel’s day-to-day operations.
“The Hilton Phoenix Airport Hotel further cements Caliber’s position as a premier hotel owner having purchased five 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 Hilton Phoenix Airport Hotel underwent an extensive $8-million renovation in 2015, upgrading all areas of the property. An additional $750,000 property improvement plan is scheduled to add modern conveniences and upgrades to the restaurant, bar and other common areas as well as parking lot improvements.
The hotel has over 10,000 square feet of meeting/convention space including an amphitheater designed for presentations. It also has a full-service restaurant with room service, hotel bar, outdoor pool and meeting areas. Beyond traditional airport business, the Hilton benefits from 50 million square feet of neighboring office/industrial space and surrounding corporate clients.
Accredited investors seeking to directly own an interest in the Hilton Phoenix Airport Hotel are invited to connect with Caliber and explore private equity investment options for this offering.
The Hilton Phoenix Airport Hotel is the latest in a series of investments by Caliber as part of its long-term diversification strategy. Caliber now owns 1,208 guestrooms in Arizona and Alaska, and includes brands such as Crowne Plaza, Hampton Inn & Suites, Hilton and Holiday Inn & Suites.