Investment Overview

Marcus & Millichap has been chosen to exclusively market for sale a fully entitled TownePlace Suites by Marriott conversion situated on a 1.23-acre corner lot in Downtown Phoenix, Arizona. The site, which currently houses an office building, is ideally located adjacent to Banner - University Medical Center, the largest hospital in Arizona. The 7-story, 114-room hotel will be a newly built/renovated property offering modern finishes and amenities, including a pool, complimentary breakfast, meeting space, guest laundry facilities, and more. The TownePlace Suites Phoenix Downtown (Conversion) represents the opportunity to acquire a Marriott-branded hotel development project in an irreplaceable location. The site is minutes to several popular demand drivers including the Footprint Center (home to NBA's Suns), Chase Field (home to MLB's Diamondbacks), the Phoenix Convention Center (62 events/315k+ Attendees in 2024), the Arizona state capitol building, and several universities, concert/event venues, and museums. Given that the immediate vicinity is completely lacking in F&B options, the new owner can capitalize on the Marriott-approved integration of a restaurant/bistro & bar concept, which is extremely rare as a TownePlace Suites amenity. The hotel operator will also take advantage of the captive audience that the Banner - University Medical Center trauma and teaching hospital provides across the street. Our Pro Forma analysis assumes continued modest growth supported by the increasing population and demand growth in the Phoenix region.