PHOENIX – (June 4, 2024) – CBRE Hotels Institutional advised Anish Hotels Group in the $43.3 million sale ($293,000 per room) of the 148-room Home2 Suites by Hilton Phoenix Downtown. Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, acquired the property.
Strategically located in the heart of downtown at 125 East Jackson Street, along the cusp of the revitalized Warehouse District, the property officially opened in January 2024, providing guests unparalleled access to the Footprint Center, Chase Field, and the Phoenix Convention Center. The newly constructed 6-story asset connected to and incorporated the historic Fuller Paint Company Building to offer a customized reception area, guest lobby, 1,200 sq. ft. of meeting space, as well as a signature food and beverage outlet.
"This property represents Anish Hotels Group's vision to develop premium branded hotels in urban and high barrier-to-entry markets across the Sun Belt region, even if that means we have to get creative," said Anish Patel, Vice President at Anish Hotels Group. "The Home2 Suites Phoenix Downtown is unique in that it incorporates a 95-year-old historic building with a brand-new hotel tower within a vibrant downtown submarket. Home2 Suites by Hilton has proven to be the brand of choice for many hotel travelers and owners alike, and this hotel's location, immediately adjacent to numerous of the market's leading demand generators, is a formula for long-term success."
CBRE's Carter Gradwell, Jennifer Bergamo and Rick Rush advised the seller in the transaction.
Chatham funded the purchase using proceeds from recent asset sales and available cash. Island Hospitality Management will manage the hotel.