Independent Newsmedia
A Phoenix-based commercial real estate investment firm paid $72 million for five Arizona hotels, with four of them in the Valley.
Hospitality Capital Partners, with equity partner National Property Advisors, bough the hotels totaling 665 rooms from Service Properties Trust. The sale features all Sonesta-branded hotels, according to a press release.
“This acquisition strengthens our long-term strategy by adding assets that will remain desirable for decades,” said Keith Mishkin, managing partner of Hospitality Capital Partners, in a press release. “It reflects our belief in the enduring value of these markets and our commitment to acquiring high-quality properties with strong fundamentals.”
The five hotels are Sonesta Select Phoenix Chandler, Sonesta Select Tempe Downtown, Sonesta ES Suites Tempe, Sonesta ES Suites Flagstaff, and Sonesta ES Suites Scottsdale Paradise Valley. With this transaction, HCP’s portfolio now exceeds 1,500 rooms.
“These trophy properties check every box — from location to brand strength to the stability of the surrounding markets,” said Parimal “Primo” Parmar, partner at HCP, in a release. “The portfolio offers both immediate performance potential and meaningful long-term upside for our investors. We’re focused on securing well-positioned hotels that can generate revenue from day one while continuing to appreciate over time.”
The company, which has several Valley hotels, and National Property Advisors are working to add to the portfolio.
