Holualoa Companies and LaPour Partners announced the sale of the AC Hotel Phoenix Biltmore by Marriott for $67.8 million to Nella Invest.
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The sale closed in late January at $423,750 per room, which represents the highest price per room of an upscale select-service hotel in Phoenix history. Located at 2811 E. Camelback Road in the exclusive Biltmore area of Phoenix, the hotel attracts both business and leisure travelers.
The hotel was developed as part of a mixed-use project along with the Camelback Collective Office Building, which sold in July of 2022. The land was purchased by co-developers Holualoa and LaPour Partners in October 2016. The 160-room hotel opened its doors two years later. The hotel features a modern design and finishes throughout. Guest rooms, which include a mix of traditional rooms and suites, feature views of Biltmore and Piestewa Peak. The five-story hotel offers a variety of amenities, including the AC Kitchen & Lounge, a fitness center, business center, outdoor pool, sundry shop, guest laundry and over 5,000 square feet of meeting space.
The hotel is located along the Camelback Corridor, which offers a growing collection of luxury retail, upscale restaurants, nightlife and corporate offices, and is surrounded by some of the region’s most exclusive residential communities. The Camelback Corridor is home to an abundance of high-quality tenants and premium office space which commands market leading rents.
“The value per room speaks to the strength of the Marriott AC brand, the property’s prime location and beautiful design, and the overall execution of our operations team. Holualoa continues its initiatives to develop innovative, institutional grade multi-family and hotel projects in the Arizona market,” said Lani Baker, Chief Financial Officer of Holualoa Companies.
“This AC hotel is an irreplaceable asset based on location and extreme limitations on new supply. As part of a walkable mixed-use development, the hotel checks all the boxes for an excellent long-term hold for Nella,” said Jeff LaPour, President of LaPour Partners.
JLL Hotels & Hospitality represented the seller, Holualoa Companies and LaPour Partners in the sale to Nella Invest, with Halo Hospitality and DCA Partners as advisors to the buyer. The property was managed by the Azul Hospitality Group.
The JLL team representing the seller was led by Executive Vice President Melvin Chu and Senior Managing Director John Strauss, with local support from Senior Managing Director Ben Geelan.
“The Phoenix lodging market has demonstrated strong resiliency and outsized growth benefiting from exceptional market fundamentals,” Chu said. “The AC Phoenix Biltmore is poised to maintain its position as one of the top performing assets in the market and benefit from the continued growth of Phoenix.”