CBRE arranged the sale of the Hampton Inn Phoenix Airport North, a hotel near Phoenix Sky Harbor International Airport.
Jennifer Bergamo, Rick Rush and Cater Gradwell of CBRE Hotels Capital Markets represented the buyer, a private California-based investor.
Located at 601 N. 44th St., guest amenities at the hotel include three meeting rooms, fitness center, and outdoor pool. Hampton Inn Phoenix Airport North is off Route 143 near the Phoenix Zoo, Desert Botanical Gardens, downtown Tempe, Arizona State University and Sun Devil Football Stadium.
“The Hampton Inn Phoenix Airport North is an exceptional institutional grade asset that is strategically situated near one of America’s busiest airports,” said Bergamo. “This was a highly desirable offering of a premium Hilton branded, limited-service asset and drew tremendous interest with 10 preemptive bids, over 25 tours and 33 total offers from regional, institutional and private investors around the country.”
The CBRE team also represented the seller, a real estate investment firm based out of Washington D.C., in the transaction.
The easing of inbound international travel restrictions is likely to catalyze hard-hit global gateway cities in the U.S. and aid the recovery of the hotel market over the course of 2022, according to CBRE’s U.S. Real Estate Market Outlook for 2022. Though the omicron variant has impacted business travel, the expected inbound travel led by leisure travelers from Europe and Asia-Pacific is expected to increase hotel demand.
Phoenix specifically is poised to see accelerated recovery from the original onset of the COVID-19 pandemic due to its positioning as a prime domestic leisure market, benefiting from diverse demand from the technology, life sciences, healthcare, insurance and education industries.