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Published on : Tuesday, July 12, 2016
The Hilton Tucson East, a 7 storey, 232 guest room hotel in Tucson, Arizona has been acquired by Caliber Hospitality, a division of Caliber- The Wealth Development Company for $9.27 million. It is located in the heart of the Tucson Business District along with 12,000 sq. ft. of abundant meeting/convention space, a resort-style pool, and upgraded dining facilities, the Hilton Tucson East is poised to be the premier full-service business hotel accommodating travellers to the Tucson region.
Caliber plans an $8 Million property renovation, in partnership with the Caliber Distressed Real Estate Income Fund (CDIF, LLC). The Hilton Tucson East purchase expands Caliber’s lodging investment portfolio to six hotel properties, in both Arizona and Alaska, and includes such prestigious brands as Crowne Plaza, Hampton Inn & Suites, and Holiday Inn & Suites. As with all of Caliber’s hospitality holdings, HMC Hospitality will manage hotel day-to-day operations.
The hotel is situated on 6.36 acres between Downtown Tucson and Saguaro National Park and is along one of Tucson’s main east-west thoroughfares, Broadway Boulevard.
Frank Heavlin, president of HMC Hospitality said that, they’re thrilled to partner with Caliber, and excited to revitalize and restore the property to its original beauty. they’ve set into motion their personnel and property plans, in order to elevate services, and provide an exceptional experience for the guests. The hotel will become a diamond in the Caliber/HMC hotel portfolio.
Chris Loeffler, CEO and Co-Founder of Caliber – The Wealth Development Company, said that, the property will provide significant investor value creation as it was purchased approximately 70% below estimated replacement cost. Due to its solid market fundamentals, they wanted to expand within Tucson beyond the current single-family and multi-family residential portfolio. This hotel is an excellent opportunity to do just that. According to him the Hilton Tucson East is the proverbial ‘diamond in the rough’ that with the proper renovation plan and managerial expertise will be transformed into one of the finest hotels in Caliber’s portfolio.