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California Hotelier Pays $12M for 170-Room Holiday Inn Express

SCOTTSDALE, AZ-Campbell Holdings buys its fourth hotel in the Valley, getting a seven-year-old asset with an average occupancy of 66%. The Brea, CA-based hotelier's latest purchase comes with a new flag.

By Jennifer D. Duell | Updated on January 10, 2005

SCOTTSDALE, AZ-Campbell Holdings has made its fourth hotel acquisition in the Valley with the $12-million buy of a 170-room, all-suite Holiday Inn Express in the southern sector.

The Brea, CA-based firm purchased the Holiday Inn Express at 3131 N. Scottsdale Rd. from Scottsdale Lodging LLC of Spokane, WA. With the sale, Scottsdale Lodging exits the Valley hotel market, says Jeff Cunningham, an investment broker with CB Richard Ellis Inc.’s Phoenix-based hotels group who represented the seller along with Bill Murney, prior to his departure from CBRE.

Cunningham tells GlobeSt.com that the hotel was priced aggressively for its brand. “The fact that it was an all-suite hotel and it was larger than other Holiday Inns pushed the pricing,” he explains. “Because each room is a suite, it allows you to push the room rate up.” Most Holiday Inn Express hotels have about 125 rooms.

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