A 169-room Holiday Inn Express and Suites in Old Town Scottsdale has been told in a recent transaction that includes a Hampton Inn near the Biltmore area of Phoenix.
MCR acquired the hospitality …
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Commercial Real Estate
Old Town Scottsdale hotel sold
James Todd
This Old Town Scottsdale hotel was sold as part of a two-property transaction to MCR.
Posted
A 169-room Holiday Inn Express and Suites in Old Town Scottsdale has been told in a recent transaction that includes a Hampton Inn near the Biltmore area of Phoenix.
MCR acquired the hospitality properties for an undisclosed price, according to a press release.
Cushman & Wakefield announced the firm brokered the sale of the two hotels. With the acquisition, MCR now owns nine hotels in Arizona.
In addition to the Scottsdale Holiday Inn Express, a 121-room Hampton Inn by Hilton Phoenix-Biltmore sold.
Bill Murney with Cushman & Wakefield’s Hospitality team in Phoenix represented the seller, MIG Real Estate, in the transactions. MIG Real Estate, a real estate investment company with assets across the Western U.S. and Sun Belt states, is actively seeking opportunities to expand its portfolio, the press release stated.
“These are tremendous hospitality assets with great optionality for the buyer. The Holiday Inn Express is planned to be converted to a Hilton or Marriott extended stay property, and the super high barriers to entry Hampton Inn location offers the capability to add another hotel where the parking garage is currently located,” said Executive Managing Director Bill Murney.
Located at 3131 N. Scottsdale Road in Old Town Scottsdale, the Holiday Inn Express & Suites is 1.5 miles from Fashion Square Mall and near Scottsdale Stadium.
Hampton Inn Phoenix-Biltmore is located at 2310 E. Highland Ave. off 24th Street and Camelback Road. The hotel is located around the corner from the Biltmore Fashion Park, a popular shopping, dining, and nightlife destination, and is 10 minutes from the airport and 15 minutes from downtown.
