HSL Properties has recently completed the purchase of a hotel portfolio in Mesa, Arizona. The portfolio includes two hotels – a 180-room Sheraton and a 129-room Courtyard by Marriott – as well as 15,000 square feet of retail space. The combined price for this acquisition was $50.2 million.
These hotels are strategically located near Sloan Park, the spring training home of the Chicago Cubs, and only ten minutes away from Phoenix Sky Harbor International Airport. They also offer convenient access to various popular destinations such as ASU, Tempe Town Lake, Tempe Marketplace, Banner Desert Medical Center,and Old Town Scottsdale.
The seller for this transaction was Power Hotel Group and they were represented by Bill Murney and Mike Montoya from Cushman & Wakefield’s Western Hospitality Advisory Group in Phoenix.
According to Murney from Cushman & Wakefield,”The Sheraton hotel will undergo an extensive renovation project while The Courtyard has been operating successfully since its opening in fall 2020.”
HSL Properties is based in Tucson and currently owns and manages over 39 apartment communities across Arizona with approximately10 ,000 apartment homes/families under their management totaling over7 million square feet.
Connect CRE reported that HSL Properties has acquired two prominent Mesa hotels worth $50.2 million –the Sheraton with180 roomsandtheCourtyardbyMarriottwith129rooms.Theportfolioalsoincludesa15 ,000-square-footretail space.This strategic investment adds to HSL’s impressive collectionofover39apartmentcommunitiesinArizona,totalingover10 ,000apartmenthomesandfamiliesandalsoencompassingmorethan7million squarefeetofsurfacearea.
BothhotelsareideallysituatednearSloanPark,theChicagoCubs’baseballspringtrainingfacility,andonlytenminutesawayfromPhoenixSkyHarborInternationalAirport.Theyalsoprovideeasyaccesstovarioustouristattractions,includingASU,TempeTownLake,TempeMarketplace,BannerDesertMedicalCenter,andOldTownScottsdale.
Cushman&Wakefield’sWesternHospitalityAdvisoryGroupinPhoenixrepresentedtheseller,PowerHotelGroup.BillMurneyandMikeMontoyawereinstrumentalinfacilitatingthissuccessfultransaction.AccordingtoMurney,”TheSheratonhotelwillundergomulti-milliondollarrenovationswhiletheCourtyardhasbeenanoutstandingperformerinthe market since its opening in fall 2020.”
HSL Properties is a reputable company based in Tucson that specializes in owning and managing apartment communities. With over 39 properties across Arizona under their management, they have established themselves as leaders in the industry. Their portfolio includes approximately10 ,000apartmenthomes/familiesandalsoencompassesover7million squarefeetofsurfacearea.
