- NewcrestImage acquired the Graduate by Hilton in Tempe.
- The hotel is near ASU and Phoenix Sky Harbor Airport.
- The property includes 2,800 square feet of event space.
NEWCRESTIMAGE ACQUIRED THE Graduate by Hilton in Tempe, Arizona. The 140-room hotel is near Arizona State University and Phoenix Sky Harbor International Airport.
The hotel is also near Mullett Arena, Mill Avenue, Gammage Memorial Auditorium and offices of State Farm, Carvana, JPMorgan Chase, Wells Fargo and ADP, NewcrestImage said in a statement.
“This property is a compelling destination-focused business opportunity in the heart of a robust, resilient community that brings together three important target markets—an active college campus, a neighborhood of major corporate employers and the most vibrant shopping, dining and entertainment district in Phoenix,” said Mehul Patel, NewcrestImage’s managing partner. “Existing occupancy at the Graduate in Tempe is strong, and there is considerable upside revenue potential.”
The hotel’s décor includes ASU-inspired design elements, such as 1970s-style speaker nightstands, maroon-and-gold color schemes and artwork depicting “A” Mountain and Sparky the Sun Devil. Each guestroom has a private balcony, the statement said.
Amenities include 2,800 square feet of meeting and event space, a 5,000-square-foot restaurant and bar, and a 2,150-square-foot rooftop with a 200-person lounge, outdoor pool and fitness center.
NewcrestImage, founded in 2013, completed more than $3 billion in transactions involving nearly 300 hotels and 32,000 rooms across 130 U.S. communities. The company owns more than 45 hotels.
In August, NewcrestImage acquired the 176-room NYLO Dallas Plano in Dallas.
