Planned 125-room Hotel is First and Only Attached to Tucson
Convention Center
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Caliber Hospitality, a division of real estate investment firm Caliber
- The Wealth Development Company, today announced plans to
build a new 125-room hotel anchored at the Tucson Convention Center.
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Slated to break ground in late 2018, the hotel development project
supports the City of Tucson’s downtown re-visioning plan and need for
increased hotel accommodations near the convention center. Caliber
Development will serve as development manager and design/builder for the
estimated $20 million project.
“We are excited to work with the City of Tucson and Rio Nuevo to develop
the first, and only, hotel connected to the Tucson Convention Center
where hotel guests and convention center patrons will have easy access
between the two facilities,” said Roy Bade, Caliber Executive Vice
President. He added, “The hotel will fulfill the growing demand to
accommodate guests from around the world visiting downtown Tucson and
the many tradeshows and events at the convention center. Exciting things
are happening and Caliber is excited to expand its presence in Tucson
while playing a role in the economic development and employment
opportunities for its citizens.”
“Rio Nuevo is pleased to partner with Caliber to bring this much needed
convention center addition to Tucson,” said Fletcher McCusker of Rio
Nuevo. “We just recently obtained zoning approval and will continue to
do everything we can to help make this a successful project.”
The currently unbranded hotel, which will be located in what is now the
east-side parking lot, is an asset owned by the Caliber
Diversified Opportunity Fund II, LP, a fund that offers accredited
investors the opportunity to invest in “middle market” U.S. commercial
real estate assets to build wealth through a combination of current
income and capital appreciation. Other projects currently participating
in the Fund include The
Villages at Johnstown, The
Eclipse (Scottsdale, AZ) and The Roosevelt (Tempe, AZ) Zero Energy
Ready communities. Interested investors can contact Caliber at
480-295-7600 or Invest@caliberco.com.
Built in 1971, the Tucson Convention Center boasts 205,000 square feet
of meeting and event space along with an 8,962-seat arena. It has three
performance facilities appropriate for sporting events, ice shows,
theatrical performances and concerts. Notably, the convention center
hosts the annual Tucson Gem, Mineral & Fossil Show that draws worldwide
visitors. The arena is also home to the professional hockey team, the
Tucson Roadrunners, affiliated with the National Hockey League's Arizona
Coyotes.
In 2016, the Company acquired the Hilton
Tucson East, which is undergoing an $8 million renovation set for
completion March 2018. Once the hotel at the convention center is
completed, Caliber will own 8 hotels and 1,333 rooms in Arizona and
Alaska.
About Caliber - The Wealth Development Company
Caliber leads the market in providing individual accredited investors
and registered investment advisors with well-structured alternatives to
traditional investments. The Company builds wealth by forming and
managing real estate private equity investments, either through
individual assets or multi-asset funds. The Company offers an
approachable, full-service investment experience with more than 700 team
members working to care for over $265 million (assets under management)
in commercial, residential, multi-family, self-storage and hospitality
real estate in AZ, CO, NV, UT and AK. Comprised of 5 business units
including Investment,
& Development, Property
Management, Brokerage
and Hospitality,
Caliber’s vertical integration of support services delivers a unique and
efficient 360º approach to investing in real estate. The Company is
headquartered in Scottsdale, AZ with business operations focused
throughout the greater Southwest region. 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. While we
endeavor to keep the information up to date and correct, we make no
representations or warranties of 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 on which such statement is made, and we undertake no obligation to
update any forward looking statement to reflect events or circumstances
after the date on which such statement is made. Please contact Caliber
directly at 480-295-7600 for further information.
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