The Holiday Inn Hotel & Suites Phoenix Airport North has a new owner.
Previously posted by Phoenix Business Journal, Bloomberg, Wall Street Journal Marketwise and Yahoo Finance.
The 44th and McDowell Hotel Group LLC, an affiliate of the Caliber Distressed Real Estate Income Fund private equity fund managed by Caliber Cos., announced its acquisition of the four-story, 228-room property, which is the company’s third hospitality acquisition in three years.
Along with the Crowne Plaza purchased in 2012, Caliber now dominates the Phoenix Airport North Submarket with ownership of an estimated 30 percent of available hospitality rooms located within 1.5 miles of Phoenix Sky Harbor Airport.
The Holiday Inn Hotel & Suites will remain operating under the same brand. Heavlin Management Co. will manage the hotel’s day-to-day operations. Caliber will invest an additional $3.7 million in capital improvements including building modernization, restaurant renovation, cost cutting measures, space enhancements for group events and wedding business, signage and more to maximize the value of the hotel.
“We’re focused on continued growth in the hospitality sector, and we look forward to expanding our portfolio with other opportunities that will increase stakeholder value and return on investment,” Caliber CEO Chris Loeffler said in a statement.
Heavlin Management plans to bring the same turnaround success to the Holiday Inn & Suites as it has accomplished at Caliber’s other hospitality properties.
Hotel operating profit at the Crowne Plaza has increased 300 percent year over year while the Hampton Inn & Suites is up 20 percent in revenue.
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