NATIONAL REPORT—Across the country, a variety of properties in the Hilton family of brands were sold.
Hampton Inn & Suites by Hilton Phoenix Downtown
Apple Hospitality REIT Inc. acquired the newly constructed 210-room Hampton Inn & Suites by Hilton Phoenix Downtown for approximately $44 million or $210,000 per key.
The new Hampton Inn & Suites by Hilton, located at 77 East Polk St. in Phoenix, is near Arizona State University’s Downtown Phoenix campus and the University of Arizona College of Medicine. The property is also proximate to corporate offices and attractions including the Phoenix Convention Center, Symphony Hall, Talking Stick Resort Arena and Chase Field.
Following this acquisition, the Apple Hospitality portfolio now includes 242 hotels with more than 30,700 guestrooms throughout 34 states.
Embassy Suites Pittsburgh Airport hotel
Marcus & Millichap, a commercial real estate investment services firm with offices throughout the U.S. and Canada, sold the 223-room Embassy Suites Pittsburgh Airport hotel in Coraopolis, PA. The property sold for $25 million or $112,108 per key.
Swon and Daniel Zagoria represented the seller, NHH CMS Pittsburgh LP, and procured the buyer, a private developer. Mark Taylor in Marcus & Millichap’s Wynnewood office is the firm’s broker of record in Pennsylvania.
Built in 1990, the Embassy Suites Pittsburgh Airport is visible from the intersection of Coraopolis Heights Road and Cherrington Pkwy., a juncture located just off the Thorn Run Rd. exit of Interstate 376, the major thoroughfare between Pittsburgh International Airport and Downtown Pittsburgh.
Embassy Suites by Hilton Chicago
HREC Investment Advisors sold the 209-guestroom Embassy Suites by Hilton Chicago in Schaumburg, IL. Pearlshire Capital Group purchased the hotel in an off-market transaction.
Scott Kaniewski, SVP in HREC Investment Advisors’ Chicago office, exclusively represented the seller, a joint venture between Hotel Capital and ORIX Real Estate Americas, during the transaction.
Located in the Woodfield area, the hotel is proximate to Chicago O’Hare International Airport. Recreational attractions and major businesses within close proximity to the hotel are the Streets of Woodﬁeld, Legoland Discovery Center, Schaumburg Convention Center, Motorola Solutions headquarters and Schaumburg Golf Club and Academy.