REAL ESTATE NEWS
Untitled Page
Newport Beach real estate-investment firm purchases Phoenix hotel
Stoneridge Capital Partner’s acquisition marks its entry into the hospitality business sector
By Larry UrishPublished: March 18, 2010
In an ongoing effort to acquire lodging properties in the Western U.S., Newport Beach-based Stoneridge Capital Partners, a privately owned real estate-investment company, has purchased the Hotel Highland in Phoenix. This transaction is the first move in Stoneridge’s strategy to enter the hospitality business sector.
The 119-room hotel is located in Phoenix’s Biltmore District, more commonly referred to as the “Camelback Corridor.” The area houses roughly 9 million square feet of office space, plus a variety of hotels, restaurants and retailers. Stoneridge’s acquisition is located less than 5 miles from Phoenix’s Sky Harbor International Airport.
“The property’s unique location, architecture and nearby amenities provide an ideal opportunity for us to enter this prominent submarket,” says 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. … Our strategy for the Hotel Highland will be to provide the business traveler with well-appointed guest rooms at competitive rates, convenient to nearby businesses.”
Stoneridge is continuing to purchase retail, office, hotel, multifamily and residential assets, and has completed an estimated $150 million in acquisitions in the last year.
Hospitality Real Estate Counselors represented Stoneridge in the purchase, and CBRE Hotels represented the seller.
Related headlines
Bella Terra inks deal with Costco
Irvine Public Schools Foundation gears up for Dream Stakes Home Raffle
Lennar plans May 22 new-home launch
7 homes at 3000 The Plaza sell last month
|
||||
|
The 119-room hotel is located in Phoenix’s Biltmore District, more commonly referred to as the “Camelback Corridor.” The area houses roughly 9 million square feet of office space, plus a variety of hotels, restaurants and retailers. Stoneridge’s acquisition is located less than 5 miles from Phoenix’s Sky Harbor International Airport. “The property’s unique location, architecture and nearby amenities provide an ideal opportunity for us to enter this prominent submarket,” says 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. … Our strategy for the Hotel Highland will be to provide the business traveler with well-appointed guest rooms at competitive rates, convenient to nearby businesses.” Stoneridge is continuing to purchase retail, office, hotel, multifamily and residential assets, and has completed an estimated $150 million in acquisitions in the last year. Hospitality Real Estate Counselors represented Stoneridge in the purchase, and CBRE Hotels represented the seller. Related headlines Bella Terra inks deal with Costco Irvine Public Schools Foundation gears up for Dream Stakes Home Raffle Lennar plans May 22 new-home launch 7 homes at 3000 The Plaza sell last month |
||||
