Cushman & Wakefield has brokered the sale of the 99-room Hampton Inn Phoenix-Midtown-Downtown Area. The property was sold to locally based Mango Tree LLC for $16.25 million and represents the buyer’s first Hilton-branded hotel asset under ownership. Mango Tree LLC plans to make significant renovations to the Midtown Phoenix property.
Bill Murney, executive managing director, and Jesse Heydorff, broker, with Cushman & Wakefield’s hospitality team in Phoenix, represented the seller in the transaction.
“This offering was an exceptional opportunity to acquire a premium branded hotel, with significant and immediate potential performance upside,” said Murney. “Phoenix has a healthy, diverse economy and is recognized as one of the strongest hospitality markets in the country.”
He added, “The Hampton Inn benefits from its strong brand and being located directly amidst several internationally notable healthcare facilities.”
The hotel is also immediately adjacent to the healthcare campus of St. Joseph’s Hospital & Medical Center, Barrow Neurological Institute, Dignity Health and Creighton University Health Sciences Campus. The location is also close to the Metro Light Rail Station, located in Park Central Mall.