Canadian Investor Purchases Property with Plans to Add Mixed-Use Elements
Phoenix, Arizona – The Holiday Inn & Suites Phoenix-Mesa/Chandler at 1600 S. Country Cub Dr. in Mesa has been sold to a Canadian investor for $13. 1 million ($53,252 per key). The Manitoba-based investor, developer and hospitality management company plans to renovate and add mixed-use elements to the existing hotel property.
“This hotel has seven acres of land with frontage on Highway 60,” says Jon Grantham, associate vice president with Colliers International in Greater Phoenix. “The buyer plans to continue renovation plans at the project, as well as add mixed use to adjacent land that was part of the acquisition. Existing positive trends in RevPAR indicate the hotel will benefit from the renovations as well as the other projects the buyer has in mind.”
Grantham and James Meng of Colliers International in Greater Phoenix negotiated the sale transaction. A conglomerate of five separate limited liability corporations sold the property to AP2 Development of Manitoba, Canada. This marks the first Phoenix acquisition for AP2 Development. Kirk Pankey of Lagundi Hotels & Resorts represented the buyer in the transaction.
Holiday Inn & Suites Phoenix-Mesa/Chandler is situated on 7.03 acres of land at Highway 60 near the Loop 101. The 246-room property was built in 1982 and features significant meeting room space, on-site fitness center and full-service restaurant. The hospitality property is located near Golfland Sunsplash Waterpark, Mesa Riverview Stadium, Hohokam Stadium and Sky Harbor International Airport. The hotel is also close to many neighborhood employers, including Boeing, Banner, Curtiss-Wright, Empire Southwest, Joy Global, Free Scale, Wells Fargo, Intel, Honeywell and Caterpillar.