Hyatt Place Phoenix/Gilbert Hotel sells 

One of Gilbert’s oldest hotels has sold. 

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.