{"id":1004161057,"date":"2016-12-07T05:41:42","date_gmt":"2016-12-07T13:41:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004161057"},"modified":"2022-12-08T19:33:41","modified_gmt":"2022-12-09T03:33:41","slug":"hilton-phoenix-airport-hotel-sells-for-38m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hilton-phoenix-airport-hotel-sells-for-38m\/","title":{"rendered":"Hilton Phoenix Airport Hotel Sells for $38M"},"content":{"rendered":"<p>by Evelina Croitoru<\/p>\n<div id=\"attachment_1004161058\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-Phoenix.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004161058\" data-attachment-id=\"1004161058\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hilton-phoenix-airport-hotel-sells-for-38m\/hilton-phoenix\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-Phoenix.jpg\" data-orig-size=\"675,359\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Hilton Phoenix\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-Phoenix.jpg?w=675\" class=\"wp-image-1004161058 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-Phoenix.jpg\" alt=\"Hilton Phoenix Airport\" width=\"300\" height=\"160\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-Phoenix.jpg 675w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-Phoenix.jpg?resize=300,160 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004161058\" class=\"wp-caption-text\">Hilton Phoenix Airport<\/p><\/div>\n<p><strong>Phoenix<\/strong>\u2014The 47<sup>th<\/sup> Street Phoenix Airport LLC, an entity wholly owned by the Caliber Distressed Real Estate Income Fund LLC and managed by Caliber Hospitality, a division of Caliber &#8211; The Wealth Development Co., has purchased the Hilton Phoenix Airport Hotel for $37.7 million. The transaction marks the company\u2019s largest acquisition to date. The four-story, 259-key hotel is located\u00a0at 2435 S. 47<sup>th<\/sup> St. in Phoenix. With this transaction, Caliber now owns more than 51 percent of all full-service hotel rooms in the Phoenix Airport submarket.<\/p>\n<p>\u201cThe Hilton Phoenix Airport Hotel further cements Caliber\u2019s position as a premier hotel owner, having purchased five hotels in Arizona and Alaska the past 18 months, bringing its grand total ownership of hotel rooms to exceed 1,200. Caliber\u2019s accredited investors are in tune with the upside potential alternative strategies that can contribute to a diversified portfolio using real estate. We\u2019re excited to give individuals, who rarely have a chance to directly invest in this type of project, access to owning a hotel property they can visit, walk through the lobby and feel real pride of ownership.\u201d Chris Loeffler, CEO &amp; co-founder of Caliber, said in prepared remarks.<\/p>\n<p>The Hilton Phoenix Airport Hotel \u00a0features a business center with complimentary printing service, 10,000 square feet of meeting\/convention space with an amphitheater, notary public, gift shop, fitness room and a pool, among other amenities. The hotel underwent an extensive $8 million revamp in 2015, enhancing in this way 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.<\/p>\n<p>The newly acquired asset is the latest in a series of investments Caliber made as part of its long-term diversification strategy. Hilton Phoenix Airport Hotel will be managed by HMC Hospitality.<\/p>\n<p><em>Image courtesy of Hilton<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Caliber Distressed Real Estate Income Fund has acquired the property, which is located less than 2 miles from the 9th busiest U.S. Airport.<\/p>\n","protected":false},"author":1055,"featured_media":1004161058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21742,1601,15],"tags":[33029],"class_list":["post-1004161057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-latest","category-phoenix","category-west","tag-caliber-companies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hilton Phoenix Airport Hotel Sells for $38M - 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