August 12, 2020
Wichita, KS-based WaterWalk, a developer of upscale extended stay hotels, acquired a 4.5-acre development site in Phoenix’s Deer Valley neighborhood for $2,143,713. The seller was Alter Group, a commercial real estate development company based near Chicago.
The site at SWC 19th Avenue and Pinnacle Peak Road has approved plans to construct an extended stay hotel. This will be WaterWalk’s tenth location and first Arizona property. The project also includes a .75-acre retail pad that Kidder Mathews’ Trask Switzenberg and Chuck Wells will continue to market. The pair represented the buyer in the land deal.
WaterWalk combines appealing features of an upscale hotel with the space and amenities travelers enjoy while away from home. By design, the innovative prototype efficiently penetrates target market segments such as relocations and corporate projects/trainings.
WaterWalk is the fifth national brand started by hotel industry leader Jack DeBoer, including Residence Inn, Summerfield Suites, Candlewood Suites, and Value Place/WoodSpring.
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