Phoenix-based Hospitality Capital Partners (HCP), in conjunction with its equity partner National Property Advisors, acquired a portfolio of five Arizona hotels from Service Properties Trust for $72 million.
The portfolio encompasses more than 665 rooms consists at the Sonesta Select Phoenix Chandler, Sonesta Select Tempe Downtown, Sonesta ES Suites Tempe, Sonesta ES Suites Flagstaff, and Sonesta ES Suites Scottsdale Paradise Valley. With this transaction, HCP’s portfolio now exceeds 1,500 rooms.
“We focus on locations that are consistently in high demand and have high barriers to entry for competition. In this case, several of these hotels are in irreplaceable locations,” said Keith Mishkin, HCP managing partner. “This acquisition strengthens our long-term strategy by adding assets that will remain desirable for decades. It reflects our belief in the enduring value of these markets and our commitment to acquiring high-quality properties with strong fundamentals.”
Photo: Sonesta Select Phoenix Chandler, courtesy of Booking.com
