Palm Beach, FL — Hospitality Funding, LLC has raised an equity Joint Venture for the acquisition of the 257-key Hilton Phoenix Airport Hotel in Phoenix, Arizona. The property has been acquired by a leading hospitality asset management firm and a US-based investment management company.
When assessing the transaction, Hospitality Funding considered the following:
● The hotel is located within the Phoenix Sky Harbor Airport submarket, and adjacent to downtown Tempe, home to Arizona State University, as well as great restaurants, shopping and nightlife.
● The hotel is ideally located for easy access to downtown Phoenix, Arizona State University, the METRO Light Rail, Scottsdale and Downtown Tempe. Professional and collegiate sports, museums, galleries, shopping, casinos and world-class golf are only minutes away.
● The property boasts high quality amenities, including a large resort-style pool area and courtyard.
● The property is slated to undergo a $7.1 million dollar comprehensive renovation with extensive guestroom, guest bath, corridor, public space, meeting space and food & beverage upgrades.
