Phoenix, Arizona – CBRE Hotels announced that it has arranged the sale of a 159-room Radisson Hotel located at 7475 West Chandler Boulevard in Chandler, Arizona to a California-based private partnership for an undisclosed price. Granite Hospitality of Phoenix has taken over operations of the hotel.
CBRE Hotels’ Jennifer Bergamo, vice president in Phoenix, and Larry Kaplan and Mark Darrington, senior vice presidents in Denver, represented the institutional seller, in this transaction.
Ms. Bergamo commented, “The national marketing process for the Radisson was extremely robust as the hotel offered multiple value levers and provided investors the opportunity to enter the Phoenix market at a price below replacement cost. Over 30 property tours were conducted during our marketing which resulted in 15 offers from investment groups throughout the United States. ”
The new owner will be embarking on a multi-million dollar renovation of the hotel in the coming year.
The Radisson Hotel Phoenix Chandler is in Phoenix’s prominent suburb of Chandler. The four-story midrise hotel is located just off Interstate 10, centrally located to multiple corporate and leisure demand generators. Recently Intel announced a $7 billion investment in a high-value semiconductor factory (Fab 42) in Chandler, which will manufacture the world’s most advanced microprocessors. Upon completion, the one million square foot factory is expected to employ 3,000 high tech workers.
CBRE Hotels is a specialized team within CBRE providing advisory, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices across the globe.