December 8, 2016
Caliber-The Wealth Development Co. and investor-owned 47th Street Phoenix Airport LLC acquired the Hilton Phoenix Airport Hotel for $37.7 million from Massachusetts Mutual Life Insurance. The acquisition means Caliber owns the majority of full-service hotel rooms near Phoenix Sky Harbor International Airport, including Holiday Inn & Suites Phoenix Airport and the Crowne Plaza Phoenix Airport.
The 259-room Hilton at 2435 S. 47th St. in Phoenix underwent an $8 million renovation last year. The new owners will invest an additional $750,000 to upgrade the restaurant, bar and other common areas, in addition to parking lot improvements.
Caliber has been on a CRE spree in Arizona, having recently acquired the Hilton Tucson East for $9 million, and working on a $14 million townhome development in Tempe.
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