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A family trust for Gaurav and Ganisha Sethi sold the Hyatt Place Phoenix/Gilbert hotel for $19.48 million Dec. 15 to HCW Development, a Branson, Missouri, company that specializes in development and hospitality and residential management, according to commercial real estate site vizzda.com.
The buyer put $4.44 million down and recorded $15.04 million in new debt with Equity Bank, according to vizzda.com.
The hotel at 3275 S. Market St., Gilbert, was built in 2008.
The 127-room hotel is a six-story building totaling 80,981 square feet on 2.35 acres, according to the Maricopa County Assessor’s Office. It has one outdoor pool.
Bill Murney of Cushman & Wakefield was the seller’s broker.
