News for the Hospitality Executive
MIG Real Estate Acquires Two Arizona Hotels
Scottsdale, AZ and Phoenix, AZ – March 20, 2013 – MIG Real Estate, LLC, a Newport Beach, California-based real estate investment company, today announced that it has further expanded into Arizona with the acquisition of two hotels in the Phoenix metro area: the Fairfield Inn & Suites Midtown in Phoenix and Holiday Inn Express & Suites Old Town in Scottsdale. These acquisitions demonstrate MIG Real Estate’s continued commitment to invest in the sixth largest market in the U.S.
“We found these hotels appealing due to their accessible locations, strong branding, and surrounding businesses, attractions, medical facilities, and sports venues,” said Greg Merage, CEO of MIG Real Estate. “We will continue to seek value-add properties in the metro Phoenix market as part of our overall strategic growth initiative in the Western U.S.”
Located at 2520 N. Central Avenue in Phoenix, the Fairfield Inn & Suites was built as Wingate Inn in January 2002 and converted to the Fairfield brand in October 2007. The property contains 107 guestrooms, including 10 suites, and features 1,600 square feet of meeting space. It is located on the Central Avenue employment corridor in Midtown Phoenix, just minutes from the downtown Phoenix central business district. The nearby Phoenix METRO Light Rail Line enables easy communing throughout the city.
The Holiday Inn Express & Suites, located at 3131 N. Scottsdale Road, was built in 1998 and contains 169 guestrooms. The hotel is within walking distance to historic Old Town Scottsdale, an upscale suburb of Phoenix known for its myriad nightlife, high-end retail and fine dining options. The hotel is also conveniently located to Scottsdale’s “Healthcare District,” including Greenbaum Surgery Center and Scottsdale Healthcare Hospital.
No Brokers were involved in the transaction. Concord Hospitality Enterprises will manage the property for MIG.
MIG Real Estate’s strategic acquisition plan for hotel properties focuses on select-service product with a value-add component. Since 2009, the Company has completed more than $137 million in direct hotel acquisitions comprised of 10 properties and more than 1,200 guestrooms, primarily in major markets in the Western U.S. and Sunbelt.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in Phoenix; Las Vegas; Denver; Seattle; Tampa; Hawaii; Edmonton; Jackson, WY; and multiple markets in California and Texas. The Company is currently engaged in an aggressive expansion strategy, seeking “value add” investment opportunities in select-service hotels, grocery-anchored shopping centers, office, industrial and multi-family properties. MIG Real Estate has acquired over five million square feet, totaling more than $725 million of assets since April 2009.
Additional information is available at http://www.migcap.com/RealEstate/.
Jamie Rudolph / Carolyn Etyemezian
714-263-8748 / 714-263-8736
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