Moonstar Hospitality Acquires Fairfield Inn & Suites by Marriott Phoenix Midtown for $18 Million
Cushman & Wakefield announced the firm has brokered the sale of a 107-room Fairfield Inn & Suites by Marriott hotel asset in Phoenix, Arizona. Located at 2520 N Central Ave, the property sold to Salt Lake City, UT-based Moonstar Hospitality LLC for $18 million.
Bill Murney with Cushman & Wakefield's Hospitality team in Phoenix represented the seller, MIG Real Estate, in the transactions. MIG Real Estate, a real estate investment company with assets across the Western U.S. and Sun Belt states, is actively seeking opportunities to expand its portfolio.
"The buyer now owns a great hotel property that continued to improve its year-over-year performance during the escrow, showing the strength of the Fairfield Inn & Suites and Phoenix midtown market," said Executive Managing Director Bill Murney.
"The property's Central Avenue location on the light rail and easy access to Downtown Phoenix, with the sports and entertainment venues, 900,000-square-foot Convention Center, U of A Medical School, ASU Downtown Campus, TGen, and more, makes it a very popular spot for business and leisure travel," added Murney.
The hotel benefits from being located less than 10 minutes from Sky Harbor International Airport. Its proximity to world-renowned Barrows Neurological Hospital and St Joseph's Hospital three blocks away, and the many restaurants, bars, and abundant office in the Midtown submarket makes it a great location.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
