Dallas-based NewcrestImage has acquired the Graduate by Hilton in Tempe, Ariz. The 140-room, seven-floor hotel is adjacent to Arizona State University and close to Phoenix Sky Harbor International Airport. Terms of the transaction were not disclosed.
“This property is a compelling destination-focused business opportunity in the heart of a robust, resilient community that brings together three important target markets—an active college campus, a neighborhood of major corporate employers, and the most vibrant shopping, dining and entertainment district in Phoenix,” Mehul Patel, managing partner of NewcrestImage, said in a statement.
Patel also said that existing occupancy at the property is "strong, and there is considerable upside revenue potential.”
Hotel amenities include 2,800 square feet of flexible meeting and event space, which includes a ballroom with floor-to-ceiling windows with views of the ASU campus and nearby mountains.
Other space at the property includes a 5,000-square-foot full-service restaurant and bar, plus a 2,150-square-foot rooftop that features an open-air lounge with 200-person capacity, outdoor pool and fitness center.
The property’s décor combines nostalgic and academic themes, such as nightstands that resemble 1970’s stereo speakers, color schemes that incorporate ASU’s maroon and gold and artwork that celebrates local icons like “A” mountain and Sparky The Sun Devil. Each guest room has a private balcony.
Nearby business drivers include the 5,000-seat multipurpose Mullett Arena; the 57,000-student ASU campus; Mill Avenue, the largest concentration of nightlife, food and beverage sites in Phoenix; the 3,100-seat Gammage Memorial Auditorium designed by Frank Lloyd Wright; and offices of such prominent companies as State Farm, Carvana, JP Morgan Chase, Wells Fargo, and ADP.