HREC arranges sale of Phoenix Hilton

HREC Investment Advisors arranged the sale of the 259-room Hilton Phoenix Airport Hotel located adjacent to Phoenix Sky Harbor International Airport in Phoenix.

Bill Murney, SVP in HREC Investment Advisors’ Phoenix office, exclusively represented the seller during the transaction.

“The Hilton is the preeminent lodging property in the entire Sky Harbor market area. The buyer, a special purpose entity formed by Phoenix based Caliber Cos. now owns over 800 rooms in the airport market and will be able to influence the rates and make the market, rather than respond to the market,” Murney said.

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The hotel is located in the South Airport Market, three miles west of downtown Tempe and Arizona State University, and is surrounded by over 60 million square feet of office and industrial space. The hotel maintains exposure to lodging demand generated by PHX airport, the nation’s 10th busiest airport. In addition, the worldwide headquarters of Avnet, one of the world’s largest franchised distributors of electronic components and subsystems in the world, is located next door to the Hilton.

The property offers a 24-hour airport shuttle, access to a Hertz rental car pickup and return, a heated outdoor pool, restaurant and lounge. The hotel also has a fitness center and 10,000 square feet of meeting space. Guestrooms come with a 37-inch HDTV, mini-fridge, a work desk with an ergonomic chair and a safe. Executive rooms offer access to the property's executive lounge, which also provides free breakfast and snacks.

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