Mango Tree LLC acquires Hampton Inn asset, plans significant renovations.
Cushman & Wakefield announced the firm has brokered the sale of a 99-room Hampton Inn hotel asset in Phoenix, Arizona. Located at 160 W Catalina Dr, the property sold to locally-based Mango Tree LLC for $16.25 million and represents the buyer’s first Hilton-branded hotel asset under ownership. Mango Tree LLC plans to make significant renovations to the Midtown Phoenix property.
Bill Murney and Jesse Heydorff with Cushman & Wakefield’s Hospitality team in Phoenix represented the seller in the transaction.
“This offering was an exceptional opportunity to acquire a premium branded hotel, with significant and immediate potential performance upside. Phoenix has a healthy, diverse economy and is recognized as one of the strongest hospitality markets in the country,” said Executive Managing Director Bill Murney.
“The Hampton Inn benefits from its strong brand and being located directly amidst several internationally notable healthcare facilities,” added Murney.
The hotel is also immediately adjacent to the healthcare campus of St. Joseph’s Hospital & Medical Center, Barrow Neurological Institute, Dignity Health, and Creighton University Health Sciences Campus. The location is also walkable to the Metro Light Rail Station, located in Park Central Mall, and proximate to numerous employers in the Midtown area.