SRS announced the recent sale of 2.11 acres north of the northeast corner of Thomas Road and SR-51 in Phoenix to PEG Development for the planned construction of a Staybridge Suites hotel.
This infill location is centrally located between downtown and midtown Phoenix, the Biltmore District, and Phoenix Sky Harbor Airport and is in close proximity to Phoenix Children’s Hospital and Arizona Heart Hospital.
The Staybridge Suites is an upscale IHG extended stay hotel that provides a comfortable lodging option to those who need to travel for extended periods of time. The Staybridge Suites program is designed around making guests feel like they are at a home away from home and the company believes their amenities are “more than just a place to sleep.” Guestroom suites are all equipped with fully furnished kitchens including appliances, cookware, glassware, and silverware. Books, magazines, and games stock common areas. This hotel will be four stories with 106 guestrooms.
Anticipation for the ground break is early Q4 of 2017 with an estimated construction timeline of 12 months.
“We are excited for the opportunity to bring this new Extended-Stay Product into the Phoenix Market. The site is near multiple hospitals, Sky Harbor Airport, and the Central Business District of Phoenix,” says Tyler Mahoney, PEG Development Project Manager. “We hope this hotel will provide a valuable service to anyone in need of a comfortable place to stay, whether it be a night or two, or a month.”
“This site presented a unique opportunity as one of the last undeveloped infill land sites in central Phoenix. We believed it would be well-suited for several types of potential users and are pleased to have had the opportunity to market it. We were able to generate multiple offers within a very short time frame, and ultimately complete a transaction with PEG Development. Our client, Mataji Hospitality, and the buyer were both great to work with” says Alan Houston of SRS.
Alan Houston of SRS represented the Seller, Mataji Hospitality.
