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Avison Young completes $54.5 million sale of 229-key Hyatt Place/Hyatt House hotel in North Scottsdale
March 9, 2022
Los Angeles, CA – Avison Young announced today it has brokered the $54.5 million sale of Hyatt Place/Hyatt House, a dual-flagged, 229-key select service and extended stay hotel located at 18513 North Scottsdale Road in Scottsdale, AZ.
Avison Young Principals Jay Maddox (Los Angeles), Keith Thompson (Atlanta), Andrew Broad (New Jersey), and David Genovese (Phoenix) represented the seller, a joint venture of Gardner Batt, a privately held real estate investment and services firm based in Salt Lake City, and private investors. The buyer, a joint venture of KKR and Riller Capital, was self-represented.
The nine-story property opened its doors in March 2021. It features an onsite restaurant, bar area, breakfast area, business center, meeting space, fitness center, heated outdoor pool, and hotel-wide Wi-Fi Internet access.
“This newly constructed, upper-scale, dual-flagged select service hotel, which offers both transient visitor and extended stay guest rooms, garnered a substantial amount of investor interest and competition despite the fact that it opened during spring 2021 with no pre-pandemic operating history,” said Maddox. “This transaction is a testimony to investor confidence in both the affluent Scottsdale market as well the hospitality industry, as travel demand for drivable destination hotels for both business and pleasure has begun to rebound strongly.”
“We couldn’t be more pleased with the outstanding result that was delivered by the Avison Young Capital Markets team,” said Michael Batt, Principal of Gardner Batt.
Hyatt Place/Hyatt House is situated just north of downtown Phoenix, in the upscale North Scottsdale market adjacent to the “Cure Corridor,” a healthcare bio-life research and science node. Mayo Research Hospital, HonorHealth Research Institute, Magellan Health, and others are all located nearby. The immediate area is a major tourist destination, offering high-end retail shops, championship golf courses, fine dining, and other attractions (such as MLB Spring Training) which drives more than 4.4 million visitors annually, creating more than $3 billion in economic impact.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.