The Aloft Glendale at Westgate hotel is starting a new chapter as it changes ownership, fetching a hefty price tag of nearly $24 million. Bradford Allen Hospitality Investments, based in the Windy City, has laid claim to the property, as per records from Maricopa County land transactions. In contrast, Branson, Missouri's HCW Development, which spearheaded the hotel's development, is stepping back from its management responsibilities.
Constructed with a price tag of $12.5 million back in 2017, the 100-room hotel opened its doors a year later and welcomes guests with modern amenities including nine-foot ceilings and walk-in showers. The sale orchestrated by HCW Development, considered a juggernaut in the city's hospitality market, was completed with a down payment modestly fixed at $1.25 million. According to the Phoenix Business Journal, the Aloft Glendale is nestled strategically at 6920 N. 93rd Ave., placing guests just steps from Glendale's trove of attractions including the State Farm Stadium and Desert Diamond Arena.
Bearing the marks of a slowed market, the Aloft hotel's new acquisition comes amid a notable dip in hotel sales this year compared to the spike seen in 2022. Vizzda real estate database suggests this is one of the most substantial hospitality trades in the metro Phoenix area for the current year. Walking through the recent history of sales in January, the Country Inn & Suites by Radisson in Phoenix changed hands for $11.2 million, exemplifying the sporadic yet steady sales of hospitality properties in the region.
Amid the ebb and flow of hotel trades, construction in the hotel sector of metro Phoenix is far from hitting a pause, with an explosion of new projects in recent years. Despite the downturn in sales, which saw a contrast of 30 hospitality property sales last year, against 46 in 2022, the sector's development hustle bustles with activity. CoStar reports that last year, an astonishing number of hotels, totaling 26, were under construction, bringing forth 4,527 new rooms. Even more ambitious, 40 additional projects are teed up in final planning stages, with a whopping 4,748 rooms awaiting guests. In a statement obtained by the ABC15, Bill Murney of Cushman & Wakefield mentioned, "This is a highly desirable hospitality location in the Westgate Entertainment District." The future for hospitality, while somewhat unpredictable, remains a bustling scene of growth and development in the Valley.
