TEMPE, Ariz., Oct. 20, 2016 /PRNewswire/ -- Hodges Ward Elliott ("HWE"), the world's leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, represented the seller in the recently closed leasehold interest sale of the Phoenix Marriott Tempe at The Buttes hotel located at 2000 W. Westcourt Way in Tempe, Arizona.
HWE President Mark Elliott and CEO Bill Hodges brokered the deal on behalf of the seller which was completed with buyer, Columbia Sussex Corporation. This also represents HWE's third major hospitality transaction in the greater Phoenix area over the last year, which includes the sale of the iconic Boulders Resort in North Scottsdale in 2015 and the sale of the Royal Palms resort earlier in 2016.
Mark Elliott notes, "The Phoenix Marriott Tempe at The Buttes stands out as a great transaction for both the buyer and the seller. The hotel's combination of its excellent location and first rate amenities, along with its growing cash flow, drew considerable attention from the investment community. We are pleased to have represented the seller in this deal, which also served as an opportunity for Hodges Ward Elliott to boost its already strong pipeline of activity in the Phoenix metro region."
The recently-renovated 353 guestroom Phoenix Marriott Tempe at The Buttes property is located on 27.7 acres in suburban Tempe and is set against the backdrop of a majestic hillside butte. The hotel is recognized for its spectacular panoramic desert views and includes four dining facilities and 40,000 square-foot of indoor meeting space including a 25,000 square-foot conference room. The complex also includes a resort-style pool, lighted tennis courts, spa, fitness center, volleyball court and helipad as well as 512 surface parking spaces.
About Hodges Ward Elliott:
Hodges Ward Elliott, founded in 1975, is the leading independent hotel brokerage and investment-banking firm in the world providing total capital solutions, including hotel sales, recapitalizations and debt placement for its clients. Over the past 5 years, HWE has sold or financed more than $20 billion of hotels and resorts across the U.S. and Europe including more than $5 billion since January 1, 2015. The opening of HWE's New York office and commercial investment sales practice will expand its service lines to include office, multifamily, retail and land transactions.
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SOURCE Hodges Ward Elliott