Sale of the New Hampton Inn & Suites in Downtown Phoenix

The new 11-story, 210-key Hampton Inn & Suites by Hilton is now open in downtown Phoenix, Mortenson announced today.

Mortenson also announced it has sold the new property located at North 1st Street and East Polk Street to Apple Hospitality REIT. The hotel will be managed by North Central Group, a leading hotel management company. The purchase price of the Hampton Inn & Suites is approximately $44 million, or $210,000 per key.

The new Hampton Inn & Suites Downtown Phoenix is adjacent to the Arizona State University Downtown Campus and is within walking distance of the Phoenix Convention Center. Asset highlights:

  • First Hampton Inn & Suites in downtown Phoenix;
  • 210 keys;
  • 11 stories, 115 feet tall, 123,900 SF;
  • Amenities include a bar and lounge, business center, meeting space, fitness center and breakfast area; local art will be featured throughout the public areas and guestrooms;
  • Developer and general contractor: Mortenson;
  • Architect: PK Architects;
  • Interior Designer: Design Force;
  • Engineer: PK Associates, Peterson Associates Consulting Inc., Dibble Engineering.

The hospitality market in Phoenix continues to strengthen with the growing demand in the area. The hotel is Mortenson’s first development project in downtown Phoenix, as well as Hilton’s first Hampton Inn & Suites downtown.

“The new Hampton Inn & Suites Downtown Phoenix is an important part of the continued renaissance within the city’s urban core,” said Nate Gundrum, Vice President of Real Estate Development at Mortenson. “Located in the heart of downtown, the new hotel will cater to a segment of traveler looking for an affordable, yet upscale experience proximate to a variety of entertainment and cultural attractions.”

The hotel has a character that is uniquely Arizonan. The interior design highlights local artwork, as well as a lounge and gathering area inviting business and leisure travelers alike to enjoy the downtown atmosphere. It also features a business center, meeting space, fitness center and area for complimentary breakfast.

“This project is a great addition to our growing portfolio of work in the Valley and across the state,” said George Forristall, Director of Real Estate Development at Mortenson. “We have enjoyed the collaboration with the entire project team in helping this Hampton Inn & Suites reflect the unique downtown Phoenix vibe.”