WaterWalk, a developer of upscale extended stay hotels, has acquired a 4.5-acre development site at SWC 19th Avenue and Pinnacle Peak Road in Phoenix’s Deer Valley neighborhood for $2,143,713. The seller was Alter Group, a commercial real estate development company based near Chicago, Illinois. Kidder Mathews commercial real estate brokers, Trask Switzenberg and Chuck Wells, represented WaterWalk in the transaction.
WaterWalk purchased the site with approved plans to construct an extended stay hotel. This will be their tenth location. The project also includes a .75-acre retail pad that Switzenberg and Wells will continue to market.
WaterWalk combines the most appealing features of an upscale hotel with the space and amenities travelers enjoy while away from home. By design, the innovative prototype efficiently penetrates target market segments such as relocations and corporate projects/trainings. A marquee brand innovation created by an accomplished leadership team with extensive experience across various lodging sectors, WaterWalk is the fifth national brand started by Jack DeBoer, including Residence Inn, Summerfield Suites, Candlewood Suites, and Value Place/WoodSpring.
“We’re excited to expand our presence to the vibrant Southwest and are eager to bring WaterWalk to increasingly savvy business travelers wanting an elevated guest experience,” said Mimi Rogers, president of WaterWalk International. “Our teams have a deep-rooted passion for service and we consistently deliver an extraordinary amount of guest satisfaction.”
The developer currently has seven open hotels in Kansas, Colorado, Texas, and North Carolina with two additional locations opening this fall in North Carolina and Minnesota. This will be their first Arizona property. WaterWalk plans to have 50 locations open by year-end 2024.
“The continued rapid expansion in the Deer Valley submarket, coupled with the site lying in an opportunity zone, led to our client’s confidence in moving forward with the transaction, even amidst the current economic climate,” said Switzenberg, a vice president with Kidder Mathews.
