JER Acquires Sheraton Phoenix Hotel
MCLEAN, VA, September 5, 2006. uity investment arm of the J.E. Robert Companies, has acquired the Sheraton Phoenix Airport Hotel in Tempe, Arizona. The Sheraton Phoenix Airport Hotel is a 210-room full-service hotel located two miles from the Phoenix Sky Harbor International Airport, and proximate to Arizona State University, Tempe Town Lake and Downtown Tempe.
The hotel features over 10,000 square feet of function space, an outdoor swimming pool, fitness center, full-service restaurant and bar, gift shop, business center and wireless internet access in public areas and meeting rooms. The hotel enjoys excellent visibility and easy access to and from Interstate 10.
JER's plans for the hotel include an additional capital investment to complete a comprehensive renovation of the hotel's guestrooms, corridors, function space, and lobby. In addition, the building exterior will be painted and a new exterior Sheraton signage package will be installed.
The hotel will be managed by Sage Hospitality Resources of Denver, Colorado. Sage Hospitality Resources is one of the nation's leading hotel management companies, specializing in management of full service and limited service hotels nationwide. Since 1984, Sage has managed over 300 properties in 39 states and the District of Columbia.
"The acquisition of the Sheraton Phoenix Airport Hotel represents JER's 10th hotel investment with Sage Hospitality," said Cia Buckley, President of U.S Fund Business at JER. "JER believes that the continued economic strength of the Phoenix market coupled with an experienced and effective operator such as Sage Hospitality will positively contribute to the success of our investment."
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