Caliber Acquires Hilton Property in Phoenix

SCOTTSDALE, AZ—The 47th Street Phoenix Airport, LLC, an entity wholly owned by the Caliber Distressed Real Estate Income Fund (CDIF, LLC) and managed by Caliber Hospitality, a division of Caliber—The Wealth Development Company, has closed on the four-story, 259-guestroom Hilton Phoenix Airport Hotel in Phoenix for $37.72 million. 

Located adjacent to Phoenix Sky Harbor International Airport, Caliber, which also owns the Holiday Inn & Suites Phoenix Airport and the Crowne Plaza Phoenix Airport, now owns more than 51% of full-service hotel rooms, 781 rooms, in the Phoenix Airport Submarket. HMC Hospitality will manage the hotel’s operations.

The Hilton Phoenix Airport Hotel underwent an extensive $8-million renovation in 2015, upgrading all areas of the property. An additional $750,000 property-improvement plan is scheduled to add upgrades to the restaurant, bar and other common areas, as well as parking lot improvements.

The hotel has more than 10,000 sq. ft. of meeting space, including an amphitheater ideal for presentations. It also has a full-service restaurant with room service, a hotel bar and happy hour, an outdoor pool, and meeting areas.