posted on November 26, 2012 19:28
The following article appeared on hotelmanagement.net November 27, 2012:
HREC Investment Advisors closed two hotel sales in Phoenix, Arizona comprising almost 650 rooms. The Sheraton Crescent and the Crowne Plaza Phoenix airport were sold to separate all cash investors looking to invest in the Phoenix area as the market initiates its long anticipated recovery.
The 342 room Sheraton Crescent was purchased by New Crescent Investments from FelCor Lodging Trust in a sale that closed Nov. 1, 2012. New Crescent Investment has hired Expotel Hospitality to manage the property that will now operate as a Sheraton franchise after being operated by Starwood for FelCor previously. The new franchise will require that New Crescent Investments complete a significant capital investment in the hotel as part of the long term Starwood franchise agreement.
The 300 room Crowne Plaza Phoenix Airport was acquired by CHPH of Phoenix, from East Washington Hospitality on Dec. 14, 2012. The buyers are a partnership that includes Coast Hotels and Resorts, who will brand the property as a Coast Hotel replacing the Crowne Plaza affiliation with IHG. The partnership plans to renovate the property and correctly position the hotel to take full advantage of the property's location directly across the street from the Metro Light Rail and the airport train station.