Real Estate Investment Firm Dominates Phoenix Airport Submarket with
51% Ownership of Full Service Guest Rooms Within 1.5 Miles of 9th
Busiest U.S. Airport
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--The 47th Street Phoenix Airport LLC, an entity wholly owned
by investors, the Caliber Distressed Real Estate Income Fund (CDIF, LLC)
and managed by Caliber Hospitality, a division of Caliber
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- The Wealth Development Company, announces it has successfully
closed on its largest acquisition to date, the four-story,
259-guest-room Hilton
Phoenix Airport Hotel in Phoenix, Arizona, for a total investment of
$37.72 million. Located adjacent to Phoenix Sky Harbor International
Airport, Caliber, which also owns the Holiday Inn & Suites Phoenix
Airport and the Crowne Plaza Phoenix Airport, now owns over 51% of
full-service hotel rooms (781 rooms) in the Phoenix Airport Submarket. HMC
Hospitality will manage the hotel’s day-to-day operations.
Chris Loeffler, CEO and Co-Founder of Caliber, said, “The Hilton Phoenix
Airport Hotel further cements Caliber’s position as a premier hotel
owner, having purchased five hotels in Arizona and Alaska the past 18
months, bringing its grand total ownership of hotel rooms to exceed
1,200. Caliber’s accredited investors are in tune with the upside
potential alternative strategies can contribute to a diversified
portfolio using real estate. We’re excited to give individuals, who
rarely have a chance to directly invest in this type of project, access
to owning a hotel property they can visit, walk through the lobby and
feel real pride of ownership.”
The Hilton Phoenix Airport Hotel underwent an extensive $8 million
renovation in 2015, upgrading all areas of the property to maintain its
status as a leading hotel in the South Airport market. An additional
$750,000 property improvement plan is scheduled to add modern
conveniences and upgrades to the restaurant, bar and other common areas,
as well as parking lot improvements. The hotel features over 10,000
square feet of meeting/convention space including an amphitheater ideal
for presentations. It also has a full service restaurant with room
service, great hotel bar and happy hour, and outdoor pool and meeting
areas. Beyond traditional airport business, the Hilton captures strong
market and significant occupancy demand with 50 million square feet of
neighboring office/industrial space and surrounding corporate clients.
Accredited investors seeking to directly own an interest in the Hilton
Phoenix Airport Hotel are invited to connect with Caliber and explore
private equity investment options for this offering.
The Hilton Phoenix Airport Hotel is the latest in a series of
investments by Caliber as part of its long-term diversification
strategy. Caliber now owns 1,208 guest rooms in Arizona and Alaska and
includes such prestigious brands as Crowne Plaza, Hampton Inn & Suites,
Hilton and Holiday Inn & Suites. Loeffler was recently named one of LODGING
Magazine’s 2016 Top Hotel Innovators.
About Caliber - The Wealth Development Company
Caliber assists investors in building wealth through both equity and
debt real estate based investments, either through individual assets, or
through private funds. Caliber is focused upon opportunistically
acquiring various types of commercial assets, with in place cash flow,
and maintaining low leverage on them. Through its proven renovation and
management expertise, Caliber is able to increase revenue, maximize tax
benefits, all the while protecting investor capital. Caliber currently
invests in hotels, self-storage, apartment communities, single family
residential properties, and office buildings. Caliber is a fully
vertically integrated, full service real estate investment firm
controlling all aspects of the investment cycle. Services include
acquisitions, construction, development, property and asset management. www.CaliberCo.com
Note to Investors
This press release is provided solely for information purposes and
does not constitute legal or investment advice. This is neither an offer
to sell nor a solicitation of an offer to buy securities. An offer to
sell securities can only occur after a prospective investor has reviewed
the Fund’s Private Placement Memorandum. While we endeavor to keep the
information up to date and correct, we make no representations or
warranties if any kind, express or implied, about the completeness,
accuracy or reliability of the data and summaries contained in this
press release or the suitability of any separate offering for investors.
There are risks associated with any investment. In making an investment
decision, investors must rely on their own examination of the company
they wish to invest in including the merits and risk involved. Any
forward looking statement speaks only as of the date of which such
statement is made, and we undertake no obligation to update any forward
looking statement to reflect events or circumstances after the date
which such statement is made. Please contact Caliber directly at
480-295-7600 for further information.
Contacts
RS Marketing & Assoc.
Ruth Seigel, 602-320-4182