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GlobeSt.com UPDATE: $58M Hotel Sale Teeming With Upside

SCOTTSDALE, AZ-Host Marriott Corp. knows all too well the upside to be gleaned from the 270-suite Scottsdale Marriott at McDowell Mountain, a premier property with few competitors and a foothold at the epicenter of a rapidly growing office market.

By Jennifer D. Duell | Updated on September 23, 2004

SCOTTSDALE, AZ-Despite the $57.5-million ticket, the 270-suite Scottsdale Marriott at McDowell Mountain still has “significant upside” for its new owner, says a hotel investment executive. Host Marriott Corp. has bought the holding after managing it since the doors opened in 1999.

“It’s an aggressive price,” says Bill Murney, a senior vice president with CB Richard Ellis Inc. who specializes in hotel investment. “But, it’s a high-quality asset with significant upside. And, pricing is driven by the lack of hotel investments available in this market.”

Bought from Walton Street Capital, the hotel is located in the Scottsdale Perimeter Center, which one of the fastest growing office parks in the Phoenix area. “Scottsdale Marriott is a great asset,” Murney says. “It’s in a high-end area where the majority of the growth is occurring and it has a terrific opportunity to continue to do well.”

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