Cushman & Wakefield arrange purchase for MCR to add to Arizona portfolio
Staff Reports | Digital Free Press
Cushman & Wakefield brokered the sale of the 169-room Holiday Inn Express & Suites in Old Town Scottsdale, and the 121-room Hampton Inn by Hilton in Phoenix.
MCR acquired the hospitality properties for an undisclosed price, Cushman & Wakefield officials say. However, with these two acquisitions, MCR now owns nine hotels in Arizona, officials there say.
Bill Murney with Cushman & Wakefield’s hospitality team in Phoenix represented the seller, MIG Real Estate, in the transactions. MIG Real Estate, a real estate investment company with assets across the Western U.S. and Sun Belt states, is actively seeking opportunities to expand its portfolio.
“These are tremendous hospitality assets with great optionality for the buyer,” said Executive Managing Director Bill Murney. “The Holiday Inn Express is planned to be converted to a Hilton or Marriott extended stay property, and the super high barriers to entry Hampton Inn location offers the capability to add another hotel where the parking garage is currently located,”
Found at 3131 N. Scottsdale Road in Old Town Scottsdale, the Holiday Inn Express & Suites features 169 suites and is 1.5 miles from Fashion Square Mall and near Scottsdale Stadium.
Hampton Inn Phoenix-Biltmore is at 2310 E Highland Avenue off 24th Street and Camelback Road and features 121 rooms. The hotel is located around the corner from the Biltmore Fashion Park, a popular shopping, dining, and nightlife destination, and is 10 minutes from the airport and 15 minutes from downtown.