IRVINE, CA—PHG Hotel Fund I, LLC, an affiliate of Pacific Hospitality Group (PHG), has purchased AC Hotel Phoenix Tempe/Downtown in Tempe, AZ, and AC Hotel Irvine in Irvine, CA. from Woodbine Development Corporation and USAA.
The recently opened AC Hotel Tempe is situated at Hayden Ferry Lakeside, an urban mixed-use development consisting of restaurants, shopping, outdoor recreation, residential, office space and condominiums. This hotel features a rooftop pool with a terrace, 1,000 sq. ft. of meeting space, AC Kitchen and Lounge, and a fitness facility.
“Our investment strategy is opportunistic and seeks high-end boutique select-service hotel assets in urban top-tier markets that have excellent locations and long-term growth potential generating strong and consistent returns,” said Kory Kramer, chief investment officer of Pacific Hospitality Group. “Both AC Tempe and Irvine serve as the foundation for our PHG Hotel Fund I. We couldn’t be more thrilled given the quality of assets and investment potential.”
AC Hotel Irvine is a new-build development located in Orange County in an urban project known as Park Place, a 105-acre mixed-use master development consisting of office space, restaurants, retail, residential and on-site fitness center. This modern, design-driven hotel features a second-story pool with terrace, 1,500 sq. ft. of meeting space, an AC Kitchen and Lounge and a fitness facility. The first floor will also feature a leased Mexican street-food-style restaurant to be announced soon.