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The recent closing of the 119-room Hotel Highland was handled by Bill Murney, Senior Vice President in HREC Investment Advisors’ Phoenix office. Stoneridge Capital Partners, real estate investment company, has acquired the Hotel Highland and marks their entry into the hospitality sector, launching the firm’s strategy to acquire high-quality, well located moderate and upper tier lodging properties in the Western U.S.
Located at 2310 East Highland Avenue, the Hotel Highland sits in the heart of Phoenix’s Biltmore District, commonly known as the Camelback Corridor. This is a high barriers to entry location for a hotel that received a total renovation in 2009. The Camelback Corridor area has very few non resort hotel rooms which provides the hotel with a major competitive advantage.
“The buyer decided to pursue the acquisition after touring the newly renovated property and the high end market demand area in which the hotel is located. Stoneridge aggressively pounced on the opportunity, and closed the transaction early, which allows them to achieve the balance of the high season revenue from the property,” said Bill Murney.
The Hotel Highland offered the buyer tremendous upside without any development or renovation exposure. The property has a strategic location near over 9 million square feet of 1st class office space adding to the high end shopping and restaurant amenities of the near by Biltmore Fashion Park. This was a rare acquisition opportunity that Stoneridge was quick to evaluate and acquire.
“Stoneridge was a pleasure to work with and brought a professional approach that convinced the lender that they had the proper plan for the asset and the financial muscle to be the buyer of choice. This hotel acquisition is the first of many for this group as they bring the same platform to other opportunities in the market,” added Murney.
“The property’s unique location, architecture and nearby amenities provided an ideal opportunity for us to enter this prominent submarket,” said Greg Merage, CEO of Stoneridge Capital Partners. “We will remain focused on acquiring these types of assets as we expand our presence in Phoenix and throughout the Western Region.”
About HREC
HREC is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), asset management and litigation support. With 13 offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization.
For additional information, visit HREC’s website at www.hrec.com
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