Cushman & Wakefield announced the firm has brokered the sale of a 107-room Fairfield Inn & Suites by Marriott hotel asset in Phoenix, Arizona. Located at 2520 N Central Ave, the property sold to Salt Lake City, UT based Moonstar Hospitality LLC for $18 million.
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Bill Murney with Cushman & Wakefield’s Hospitality team in Phoenix represented the seller, MIG Real Estate, in the transactions. MIG Real Estate, a real estate investment company with assets across the Western U.S. and Sun Belt states, is actively seeking opportunities to expand its portfolio.
“The buyer now owns a great hotel property that continued to improve its year-over-year performance during the escrow, showing the strength of the Fairfield Inn & Suites and Phoenix midtown market,” said Executive Managing Director Bill Murney.
“The property’s Central Avenue location on the light rail and easy access to Downtown Phoenix, with the sports and entertainment venues, 900,000-square-foot Convention Center, U of A Medical School, ASU Downtown Campus, TGen, and more, makes it a very popular spot for business and leisure travel,” added Murney.
The hotel benefits from being located less than 10 minutes from Sky Harbor International Airport. Its proximity to world renown Barrows Neurological Hospital and St Joseph’s Hospital three blocks away, and the many restaurants, bars, and abundant office in the Midtown submarket makes it a great location.
In December of 2022, Cushman & Wakefield announced that Murney had also advised the sale of a 99-room Hampton Inn hotel asset in Midtown a half-mile from the Fairfield Inn & Suites.