Bill Murney, SVP in HREC Investment Advisors’ Phoenix office, exclusively represented Triyar Tempe during the transaction. The Los Angeles-based seller also owns other hotels, office buildings and entertainment venues in Scottsdale, Ariz.
“This is Peachtree’s first western U.S. acquisition and Aloft Tempe provided the right combination of location, demand and brand to provide them with a great base with which to grow their portfolio out west,” Murney said in a statement.
The Aloft benefits from its location in the heart of Tempe proximate to the area’s largest demand generators. It’s adjacent to Tempe Town Lake and a short walk from Arizona State University's main campus. Arizona State is one of the largest universities in the United States with more than 52,000 enrolled students at the Tempe campus.
Additionally, the hotel is located across Tempe Town Lake from the Marina Heights Development. The 2-million-square-foot project houses the western regional headquarters for State Farm. The 1.9-million-square-foot Watermark office development began construction in June 2017, and less than two miles away is ADP’s new eight-story office which will employ 1,500 people upon completion of the building’s renovation later this year.
HREC is a lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals) and litigation support.