Summary:
- Straten acquired Holiday Inn Phoenix Chandler for $13 million.
- The purchase was partly financed with a $9 million loan from Arriba Capital.
- The hotel is 20 miles from Phoenix Sky Harbor Airport.
THE STRATEN GROUP acquired the Holiday Inn Phoenix Chandler in Chandler, Arizona, from Scottsdale-based Caliber Hospitality Trust for $13 million. The acquisition was partly financed by a $9 million loan from Arriba Capital and brokered by Cushman & Wakefield.
The 106-room hotel is near Tumbleweed Park, Arizona Railway Museum, Chandler Fashion Center and Intel Ocotillo Campus, 20 miles from Phoenix Sky Harbor Airport.
Arriba noted on LinkedIn that the loan proceeds will complete the purchase and fund a change-of-ownership property improvement plan.
Phoenix-based Straten is a hotel ownership and development group led by CEO Kishan Patel and CIO Shan Patel. CHT is a private hospitality company led by CEO and co-founder Chris Loeffler. Arriba is a Scottsdale-based real estate finance company led by President Nick Barbaria.
In December, LXMI Capital acquired the 88-room TownePlace Suites by Marriott Dallas McKinney in McKinney, Texas, in a deal brokered by HVS Brokerage & Advisory.
