Investors Bag Airport Hilton For $37M
Scottsdale-based Caliber-The Wealth Development Co, along with 47th Street Phoenix Airport LLC, acquired the 259-room Hilton Phoenix Airport Hotel for more than $37.7M. The deal puts Caliber in the position of owning most of the full-service hotel rooms near Sky Harbor, since it also holds Holiday Inn & Suites Phoenix Airport and the Crowne Plaza Phoenix Airport.
Last year, the Hilton Phoenix Airport Hotel underwent an $8M renovation, and the new owners are planning to spend another $750k for additional improvements to various common areas, including the parking lot, the Phoenix Business Journal reports.
Caliber is in a buying mode. Over the last 18 months, the company acquired five hotels in Arizona and Alaska, bringing its total ownership to more than 1,200 rooms. One of those recent deals involved the acquisition of the Hilton Tucson East for $9M. Caliber is also developing townhouses in Tempe. [PBJ]