Scottsdale, Ariz. June 6th, 2018 – Real estate investor and developer, Caliber - The Wealth Development Company, announced that is has acquired the Four Points By Sheraton Phoenix South Mountain hotel in Phoenix, Arizona. Caliber, which now owns more than $165 Million in hotel assets in Arizona and Alaska purchased the six-story, 160-room property for $16.1 Million. The transaction was completed privately in a direct deal negotiated by the seller and Caliber. Caliber’s operating partner, HMC Hospitality, will manage the hotel’s day-to-day operations.
“Accredited investors look to Caliber to find attractive, off market investment opportunities with significant upside potential. The Four Points by Sheraton will deliver on that promise,” said Chris Loeffler, CEO and Co-Founder of Caliber – The Wealth Development Company. “We are grateful to join the Marriott family with what we hope to be the first of many projects as a franchisee.”
Situated at the base of South Mountain Park and Preserve and within minutes of Arizona State University, Tempe and Scottsdale, the hotel features 10,000 square feet of flexible meeting space, high-seed wireless internet, full-size restaurant and lounge, fitness center, outdoor pool and 24-hour business center. Renovation plans for the Four Points by Sheraton Phoenix South Mountain hotel include reconfiguring space for an additional 10 keys that will increase total room count to 170 guest rooms. In addition, the property will undergo a modest brand performance improvement renovation. In 2014, the hotel underwent an extensive $8 Million renovation.
This hotel marks the 8th collaboration between Caliber and HMC Hospitality and continues the trend of turning around hotels through improved management and transformative renovations. A 9th hotel is in escrow to be purchased along with several more currently in development.
The property was acquired with private equity investment into Elliott 10 Fund, LLC, by the Caliber Diversified Opportunity Fund II, LP (the “Fund”) and by Individual Accredited Investors. The Fund, a $100 Million offering, provides accredited investors and registered investment advisors (RIAs) direct access to invest in “middle market” U.S. commercial real estate assets that can deliver attractive risk-adjusted return through a combination of current income and capital appreciation. A new 125-room+ hotel development project anchored at the Tucson Convention Center is another project being developed with the Fund. Slated to break ground in late 2018, the $20 Million hotel project will help reinvigorate and address the City of Tucson’s need for increased hotel accommodations near the convention center. Registered investment advisors and accredited investors interested in learning more about investing in the CDOF can contact Caliber at 480-295-7600 or Invest@caliberco.com.
About Caliber - The Wealth Development Company
Caliber leads the market in providing individual accredited investors and registered investment advisors with well-structured alternatives to traditional investments. The Company builds wealth by forming and managing real estate private equity investments, either through individual assets or multi-asset funds. The Company offers an approachable, full-service investment experience with more than 700 team members working to care for over $300 million (assets under management) in commercial, residential, multi-family, self-storage and hospitality real estate in AZ, CO, NV, UT and AK. Comprised of 5 business units including Investment, Construction & Development, Property Management, Brokerage and Hospitality, Caliber’s vertical integration of support services delivers a unique and efficient 360º approach to investing in real estate. The Company is headquartered in Scottsdale, AZ with business operations focused throughout the greater Southwest region. www.CaliberCo.com.
Note to Investors
This press release is provided solely for information purposes and does not constitute legal or investment advice. This is neither an offer to sell nor a solicitation of an offer to buy securities. While we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy or reliability of the data and summaries contained in this press release or the suitability of any separate offering for investors. There are risks associated with any investment. In making an investment decision, investors must rely on their own examination of the company they wish to invest in including the merits and risk involved. Any forward looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward looking statement to reflect events or circumstances after the date on which such statement is made. Please contact Caliber directly at 480-295-7600 for further information