SCOTTSDALE, Ariz.--(EON: Enhanced Online News)--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 - 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.