RealINSIGHT Marketplace and Mission Capital Advisors are pleased to offer the opportunity to acquire the leasehold estate interest in Wyndham Phoenix, a select service 160-key hotel located in Phoenix, Arizona (the “Property” or “Hotel”).
Constructed in 1972 on a leased 3.39-acre site, the six-story Hotel contains approximately 74,096 square feet and is currently configured with 160 guestrooms The Hotel was extensively renovated in 2006/2007 as part of the conversion to a Radisson Hotel, and renovated again in 2013 as part of the conversion to Wyndham Garden Hotel. The Hotel is located approximately 2.5 miles from the central business district of Phoenix, and enjoys close access to state and interstate highways, including Interstate-10, Interstate-17, and State Highway 51. Additionally, the Phoenix Sky Harbor International Airport is located approximately five miles to the southeast of the Hotel. The Property is currently on a 99-year ground lease that expires on April 2, 2106.
Value-Add Opportunity – Per the August 2018 STR report, the subject Hotel had a T-12 occupancy of 53.8% compared to its comp set of 74.5%; $97.73 ADR compared to its comp set of $107.27; and $52.63 RevPAR compared to its comp set of $79.97. At year-end 2017 the subject Hotel had an occupancy rate of 43.4%; ADR of $82.24, and RevPAR of $35.67.
Long-Term Ground Lease – The Property is currently on a 99-year ground lease that expires on April 2, 2106.
Strong Location and Demand Drivers – The Hotel enjoys a prime central location in Phoenix near multiple demand generators that include museums, educational institutions, medical centers, the state capitol buildings, the arts district, and various corporate and government entities and offices. The Property additionally features easy access to Interstate-10, Interstate-17, and State Highway 51.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
3600 North 2nd Avenue, Phoenix, AZ 85013
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Cooperating brokers may be eligible for a 0.50% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.
c/o Fisher Auction Company, Inc.