HREC Investment Advisors arranged the sale of the 106-room Holiday Inn Ocotillo located in Chandler, Arizona. Ocotillo Hospitality acquired the property.
HREC exclusively represented Ocotillo Hospitality during the transaction. The sale was negotiated by Bill Murney, managing director in the company's Phoenix office.
“The buyer purchased the Holiday Inn at a great price that will allow new management to take advantage of all the high-tech expansion that is occurring in Chandler, Ariz," Murney said in a statement. "The oversized rooms and suites are very attractive to the corporate and leisure transient traveler in the Chandler market.”
The Holiday Inn is a 20-minute drive from downtown Phoenix, Mesa, Tempe and Scottsdale. The hotel is located roughly five miles south of downtown Chandler, in the Ocotillo neighborhood. Ocotillo is a submarket within Chandler due to the proximity to Price Road Corridor, which is home to the area’s top employers including Wells Fargo, PayPal, Orbital ATK, Microchip Technology, and General Motors. The Holiday Inn benefits from being the closest Hotel to Intel’s Ocotillo Campus, which is responsible for manufacturing Intel’s latest technology. Additionally, the hotel is located adjacent to Ocotillo Golf Club, which serves as an amenity to the hotel. Phil Mickelson’s company recently purchased the club, and plans to modernize and expand the facility by renovating the entire golf course, practice areas and club house.
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.