The 47th Street Phoenix Airport LLC, an entity wholly owned by investors, the Caliber Distressed Real Estate Income Fund (CDIF, LLC) and managed by Caliber Hospitality, a division of Caliber – The Wealth Development Company, announces it has successfully closed on its largest acquisition to date, the four-story, 259-guest room, Hilton Phoenix Airport Hotel in Phoenix, Arizona for a total investment of $37.72 Million. Located adjacent to Phoenix Sky Harbor International Airport, Caliber, which also owns the Holiday Inn & Suites Phoenix Airport and the Crowne Plaza Phoenix Airport, now owns over 51% of full-service hotel rooms (781 rooms) in the Phoenix Airport Submarket. HMC Hospitality will manage the hotel’s day-to-day operations.
Chris Loeffler, CEO and Co-Founder of Caliber said, “The Hilton Phoenix Airport Hotel further cements Caliber’s position as a premier hotel owner having purchased 5 hotels in Arizona and Alaska the past 18 months bringing its grand total ownership of hotels rooms to exceed 1,200. Caliber’s accredited investors are in tune with the upside potential alternative strategies can contribute to a diversified portfolio using real estate. We’re 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.”
The Hilton Phoenix Airport Hotel underwent an extensive $8 Million renovation in 2015, upgrading 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. The hotel features over 10,000 sq. ft. of meeting/convention space including an amphitheater ideal for presentations. It also has a full service restaurant with room service, great hotel bar and happy hour, and outdoor pool and meeting areas. Beyond traditional airport business, the Hilton captures strong market and significant occupancy demand with 50 Million sq. ft. of neighboring office/industrial space and surrounding corporate clients.
Accredited investors seeking to directly own an interest in the Hilton Phoenix Airport Hotel are invited to connect with Caliber and explore private equity investment options for this offering.
The Hilton Phoenix Airport Hotel is the latest in a series of investments by Caliber as part of its long-term diversification strategy. Caliber now owns 1,208 guest rooms, in Arizona and Alaska, and includes such prestigious brands as Crowne Plaza, Hampton Inn & Suites, Hilton and Holiday Inn & Suites. Loeffler was recently named one of LODGING Magazine’s 2016 Top Hotel Innovators.