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REAL ESTATE
Phoenix hotel on Central Avenue sells for $18M
Utah-based LLC buys up 107-room property
(Photo provided by CoStar)
Fairfield Inn & Suites by Marriott on Central Avenue in Phoenix sold for $18 million.
Posted
Special to Independent Newsmedia
A Fairfield Inn & Suites by Marriott on Central Avenue in Phoenix is under new ownership.
The 107-room property, located at 2520 N Central Ave, was bought by Salt Lake City, Utah-based Moonstar Hospitality LLC for $18 million.
Bill Murney with Cushman & Wakefield’s Hospitality team in Phoenix represented the seller, MIG Real Estate.
“The buyer now owns a great hotel property that continued to improve its year-over-year performance during the escrow, showing the strength of the Fairfield Inn & Suites and Phoenix midtown market,” Murney stated in a press release.
In December 2022, Cushman & Wakefield announced that Murney had also advised the sale of a 99-room Hampton Inn hotel asset in midtown a half-mile from the Fairfield Inn & Suites.
