Thursday January 2nd, 2014 - 2:48PM
PHOENIX—Waramaug Hospitality and Interstate Hotels & Resorts acquired the 257-room Hilton Phoenix Airport Hotel, which Interstate will continue to operate.
Located within the Phoenix Sky Harbor Airport submarket, the hotel is situated to provide access to downtown Phoenix, Arizona State University, the Metro Light Rail, Scottsdale and Downtown Tempe. Professional and collegiate sports, museums, galleries, shopping, casinos and golf are nearby.
“The Phoenix-Mesa-Scottsdale area is in the midst of a recovery and still 24% from peak RevPAR levels, which offers a great opportunity for market upside. The Phoenix market in particular ranked in the top 25 in the nation in occupancy, ADR and RevPAR in 2012 so we see great growth potential in years to come," stated Paul Nussbaum, Waramaug Hospitality’s founder and managing partner.
The property is slated to undergo a $7.1 million renovation with extensive guestroom, guest bath, corridor, public space, meeting space and food and beverage upgrades.
“During our experience operating the Hilton Phoenix Airport Hotel, we’ve produced a successful bottom line and are looking forward to continuing success with Waramaug’s acquisition of the hotel and planned renovations,” stated Leslie Ng, Interstate’s chief investment officer.