PHOENIX—Indian Bend Hotel Group, LLC, an affiliate of CDIF, LLC, a private equity fund managed by Caliber Companies, announced today that it has closed on the purchase of the 101-room Hampton Inn & Suites Scottsdale-Riverwalk for $10.4 million.
Built in 2012, the Hampton Inn & Suites Scottsdale-Riverwalk is the second hospitality acquisition orchestrated by Caliber and its investment funds. The Crowne Plaza Phoenix Airport Hotel, a 10-story, 290-room full-service property with an adjacent parking garage, was also purchased by a Caliber affiliate in 2013.
Located in the heart of the new North Scottsdale entertainment district, the Hampton Inn & Suites Scottsdale-Riverwalk is a Hilton Hotels brand property located near the Talking Stick Casino, Salt River Fields and the Scottsdale Pavilions. Heavlin Management Company will manage the hotel's day-to-day operations.
"Caliber Distressed Income Fund purchased the Hampton Inn at Riverwalk in Scottsdale primarily for its exceptional location near Talking Stick Casino, Top Golf and Salt River Fields and for the area's current and future growth plans,” Chris Loeffler, Caliber CEO and co-founder tells GlobeSt.com. “Built in 2012, this beautiful property is in great condition and offers an immediate cash flow and rate of return attractive for our investors. Caliber is proud to continue its commitment in the hospitality industry adding this class A property to our portfolio along with the newly remodeled Crowne Plaza hotel at Phoenix, Sky Harbor Airport.”
“The Hampton Inn & Suites at Scottsdale-Riverwalk represents another significant stride for Caliber's equity fund, CDIF, LLC, and provides our private investment clients with tremendous growth potential,” says Loeffler, “The Hampton Inn has a great architectural feel, an ideal Scottsdale location and abundant facilities making it attractive to guests and groups.” He added, “This property exemplifies our continued confidence in the hospitality sector as we seek additional investments moving forward.”
Thorofare Capital funded a $7 million bridge loan for Indian Bend Hotel Group, LLC.
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