Caliber – The Wealth Development Company closed on its largest acquisition to date, a four story, 259-guest room hotel, the Hilton Phoenix Airport Hotel, for $37.72 million.
A Caliber entity, 47th Street Phoenix Airport LLC, purchased the hotel, which is located near Phoenix Sky Harbor International Airport at 2435 S. 47th St., Phoenix, Ariz.
Caliber also owns the Holiday Inn & Suites Phoenix Airport and the Crowne Plaza Phoenix Airport, accounting for over 51 percent of the full-service hotel rooms in the Phoenix Airport Submarket, which adds up to 781 rooms.
HMC Hospitality will manage the hotel’s day-to-day operations. Investors in the Caliber Distressed Real Estate Income Fund own 47th Street Phoenix Airport LLC, which is managed by Caliber Hospitality, a division of the investment firm.
“The Hilton Phoenix Airport Hotel further cements Caliber’s position as a premier hotel owner having purchased 5 hotels in Arizona and Alaska the past 18 months bringing its grand total ownership of hotels rooms to exceed 1,200,” said Chris Loeffler, CEO and co-founder of Caliber.
The Hilton Phoenix Airport Hotel underwent an extensive $8 million renovation in 2015, upgrading all areas of the property to maintain its status as a leading hotel in the South Airport market.
An additional $750,000 property improvement plan is scheduled to add modern conveniences and upgrades to the restaurant, bar and other common areas as well as parking lot improvements. The hotel features over 10,000 square feet of meeting/convention space including an amphitheater ideal for presentations.
The hotel also has a full service restaurant with room service, great hotel bar and happy hour, and outdoor pool and meeting areas. Beyond traditional airport business, the Hilton captures strong market and significant occupancy demand with 50 Million square feet of neighboring office/industrial space and surrounding corporate clients.
Accredited investors seeking to directly own an interest in the Hilton Phoenix Airport Hotel are invited to connect with Caliber and explore private equity investment options for this offering.
The Hilton Phoenix Airport Hotel is the latest in a series of investments by Caliber as part of its long-term diversification strategy. Caliber now owns 1,208 guest rooms, in Arizona and Alaska, and includes such prestigious brands as Crowne Plaza, Hampton Inn & Suites, Hilton and Holiday Inn & Suites. Loeffler was recently named one of LODGING Magazine’s 2016 Top Hotel Innovators.