There’s been a huge change in the hotel market of Arizona, a change led by Caliber, a wealth development company and 47th Street Phoenix Airport LLC, an entity headed by investors.
Together, 47th Street Phoenix and Airport LLC and Caliber have purchased the Hilton Phoenix Airport Hotel for $37.72 million.
The purchase comes after the Hilton Phoenix Airport Hotel underwent 8$ million in renovations just one year ago. Along with this, another $750,000 will be going towards improvements throughout the hotel for things like the parking lot and restaurant.
This marks another entry on a long list of hotel purchases from Caliber, who are quickly asserting themselves on the hotel market. Caliber have now bought 5 hotels in Alaska and Arizona in less than two years, and now own over 1200 hotel rooms according to CEO Chris Loeffler.
The partnership for this deal means that along with another acquisition for Caliber, this was also an opportunity for individual investors to pool together on ownership of such significant business and real estate with a great location and strong business to be proud of.
The hotel’s location is one of its greatest strengths, as it is only a two mile drive from the Phoenix Sky Harbor International Airport.
The airport is one of the most impressive in the country, serving over 44 million passengers in 2015. This number has steadily increased over the last two years and made it the 11th busiest airport in the US in 2015 according to statistics from the Airports Council International.
This looks like it will be a positive change for many. The hotel itself is moving forward and improving alongside a steady increase of business for the airport it draws significant business from, symptoms of a very healthy market.