NewcrestImage Acquires Graduate by Hilton in Tempe

June 16, 2026

TEMPE, ARIZ. — Dallas-based NewcrestImage has acquired Graduate by Hilton in Tempe, a 140-room hotel adjacent to Arizona State University and less than 5 miles from Phoenix Sky Harbor International Airport.

The seven-floor hotel serves demand from the university, nearby corporate offices and the Mill Avenue district, according to NewcrestImage.

“This property is a compelling destination-focused business opportunity in the heart of a robust, resilient community that brings together three important target markets,” said Mehul Patel, managing partner of NewcrestImage.

Patel said the property also has “considerable” room for revenue growth.

The hotel includes 2,800 square feet of flexible meeting and event space, including a ballroom with floor-to-ceiling windows and views of the ASU campus and nearby mountains.

The property also features a 5,000-square-foot full-service restaurant and bar, a 2,150-square-foot rooftop with an open-air lounge, an outdoor pool and a fitness center. Each guest room includes a private balcony.

The hotel’s design incorporates academic and local references, including ASU’s maroon and gold colors and artwork tied to local landmarks and mascots, including “A” Mountain and Sparky the Sun Devil.

Nearby demand drivers include Mullett Arena, the ASU campus, Mill Avenue, Gammage Memorial Auditorium and offices for companies including State Farm, Carvana, JPMorgan Chase, Wells Fargo and ADP.

NewcrestImage was established in 2013. The company has completed more than $3 billion in transactions involving nearly 300 hotels and close to 32,000 rooms in 130 communities nationwide. It currently owns more than 45 hotels.

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