PHOENIX—HREC Investment Advisors announces it has arranged the sale of the 257-guestroom Hilton Phoenix Airport Hotel in Phoenix. The buyers were Wanamaug Hospitality and Interstate Hotels and Resorts. The seller was Mass Mutual Life. Although the buyer nor seller did not disclose the purchase price, undisclosed sources close to GLOBEST put that figure at $15.8 million. The property will undergo a $7 million renovation.

Bill Murney, senior vice president in HREC Investment Advisors' Phoenix office and Scott Stephens, COO and senior principal in the Tampa office, exclusively represented the seller during the transaction.

The Hotel is located adjacent to Phoenix Sky Harbor International Airport, three miles west of downtown Tempe and Arizona State University, and eight miles east of downtown Phoenix. The Hotel maintains superior exposure to lodging demands generated around the nation's 8th busiest airport. Furthermore, the property's location in the epicenter of the Phoenix metro area, has excellent visibility and accessibility to the entire Phoenix metro freeway system, providing easy access to the entire valley as well as the convention center and sports venues in downtown Phoenix and the entertainment venues in downtown Tempe.