Cushman & Wakefield has brokered the sale of the Fairfield Inn & Suites by Marriott Phoenix Midtown. The property was sold to Salt Lake City-based Moonstar Hospitality LLC for $18 million.
Bill Murney, executive managing director 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 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-sq.-ft. Convention Center, U of A Medical School, ASU Downtown Campus, TGen and more, makes it a very popular spot for business and leisure travel.”
The hotel is located about six miles from Sky Harbor International Airport. Barrows Neurological Hospital and St Joseph’s Hospital are three blocks away.
