NewcrestImage has acquired the Graduate by Hilton Tempe. The 140-room, seven-floor hotel in Tempe, AZ, is located adjacent to Arizona State University (ASU) and is less than five miles from Phoenix Sky Harbor International Airport.
“This property is a compelling destination-focused business opportunity in the heart of a robust, resilient community that brings together three important target markets—an active college campus, a neighborhood of major corporate employers and the most vibrant shopping, dining and entertainment district in Phoenix,” said Mehul Patel, managing partner, NewcrestImage.
According to Patel, occupancy at the property is strong, and “there is considerable upside revenue potential.”
Amenities include 2,800 sq. ft. of flexible meeting and event space, a 5,000 sq. ft. full-service restaurant and bar, and a 2,150 sq. ft. rooftop featuring an open-air lounge with a 200-person capacity, an outdoor pool, and a fitness center.
The property’s décor combines nostalgic and academic themes, such as nightstands resembling 1970s stereo speakers; color schemes in ASU’s maroon and gold; and artwork celebrating “A” Mountain and Sparky, the Sun Devil. Each guestroom has a private balcony.
Nearby business drivers include the 5,000-seat Mullett Arena; the 57,000-student ASU campus; Mill Avenue, which is the largest concentration of nightlife, food and beverage sites in Phoenix; the 3,100-seat Gammage Memorial Auditorium designed by Frank Lloyd Wright; and offices of such companies as State Farm, Carvana, JP Morgan Chase, Wells Fargo and ADP.
