HREC Investment Advisors arranged the sale of the 127-guestroom Hyatt Place Phoenix Gilbert, located in Gilbert, Ariz. Sethi Management acquired the property.
Bill Murney, SVP in HREC Investment Advisors’ Phoenix office, exclusively represented sellers Woodbine Development Corporation and Hyatt Corporation during the transaction.
“This is one of only two purpose-built Hyatt Places in the Phoenix area. Woodbine and Hyatt opened the property in 2009 and the Gilbert area has exploded since then. Sethi Management has an outstanding opportunity to take the Hyatt Place to the next level in the fastest growing area of the valley,” Murney said in a statement.
Located in the southeast valley, the Hyatt Place maintains exposure to Gilbert/Chandler’s immediate and surrounding demand generators. The property is positioned with close proximity to the Phoenix-Mesa Gateway Airport, Chandler Airpark and the 240-acre Rivulon office development. Additional demand generators include Mercy Gilbert Medical Center, the Gilbert Mormon Temple, Arizona State University’s Polytechnic Campus, Isagenix’s World Headquarters and SanTan Village.
The Hyatt Place Phoenix Gilbert offers complimentary Wi-Fi, a coffee and cocktail bar, self-service kiosks for check-in and check-out and 1,100 square feet of meeting and event space. The property also has a 24-hour gym, a free shuttle offering daily service within a 5-mile radius of the hotel, an outdoor pool and daily breakfasts at the Kitchen Skillet dining option.