Real estate development and management company HCW bought its sixth hotel in greater Phoenix, paying about $20 million for a Hyatt Place property in Gilbert.
HCW, based in Branson, Missouri, paid $153,346 per room to buy the 127-room Hyatt Place Phoenix Gilbert at 3275 S. Market St. from Sethi Management of Carlsbad, California, sales documents show.
The six-story property, HCW’s first Hyatt-branded hotel, was partially renovated by the prior owner. HCW said in a statement that it plans to continue the upgrades in the coming year.
Investors have spent at least $1.2 billion to buy hotels in greater Phoenix this year — more than the total of the previous two years combined — as lodging markets in the region and across the nation continue to recover from the first year of the pandemic, according to CoStar analytics.
The property built in 2009 is near Phoenix-Mesa Gateway Airport, Chandler Airpark and the 250-acre Rivulon business district. HCW also expects Phoenix Children’s Specialty Center-Mercy Gilbert Medical Center, Arizona State University and Wild Horse Pass Resort and Casino to drive demand for rooms.
HCW, which also has properties in Chandler, Goodyear and Glendale, is developing Caesars Republic Scottsdale, an 11-story luxury hotel scheduled to open in February 2024 on the north side of Scottsdale Fashion Square.
The company owns and manages over 500,000 square feet of retail property, 6,000 rental units and 2,700 hotel rooms across the United States, according to its website.
National Real Estate Firm HCW Buys Sixth Hotel in Phoenix Region – CoStar Group
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