PHOENIX – July 31, 2023 – CBRE has facilitated the $21.5 million sale of the Cambria Hotel Phoenix Chandler Fashion Center, a 136-key property located at 3165 West Frye Road in Chandler, Ariz.
Jennifer Bergamo, Ron Danko, and Hana Friedman and Hana Friedman with CBRE Hotels represented both the seller, Concord Hospitality Enterprises, and the buyer, Kingsbury Hospitality REIT I, Inc., in the transaction. Michael Straw and Dylan Brandt with CBRE Hotel Debt & Structured Finance assisted in securing the debt.
"The team ran a competitive marketing process and leveraged our local knowledge and national platform to garner the best results for both the seller and buyer," said Ms. Bergamo, vice president at CBRE. "The Phoenix metro is one of the strongest lodging markets in the country. Our strategic resources and knowledge got this deal across the finish line."
The hotel is well located within the upscale Chandler Viridian mixed-use complex and adjacent to the Chandler Fashion Center. The area offers shopping, restaurants, and entertainment venues. The property's efficient design provides guests with upgraded guestrooms and amenities that resonate with travelers' tech and business needs. The property has an on-site restaurant, Social Circle.
The sale of this hotel marks CBRE's ninth transaction representing Concord in the last three years. An additional asset is scheduled to close in mid-August, bringing totaled sales to around $430 million.
"Teaming with Jennifer in Phoenix was key to identifying the strategic investor and completing this transaction," said Mr. Danko, executive vice president of CBRE's Hotels NYC-based team and assignment lead. "I have continued to team up with our regional professionals across the CBRE Hotels platform to provide stellar results for Concord."
Located in the East Valley, property guests are within easy reach of Phoenix Sky Harbor Airport and Phoenix area highway loop system, 101, 202, and 303.