Phoenix, AZ, July 07, 2017 --(PR.com
)-- SRS is pleased to announce the recent sale of 2.11 acres north of the northeast corner of Thomas Road and SR-51 in Phoenix to PEG Development for the planned construction of a Staybridge Suites hotel.
This infill location is centrally located between downtown and midtown Phoenix, the Biltmore District, and Phoenix Sky Harbor Airport and is in close proximity to Phoenix Children’s Hospital and Arizona Heart Hospital.
The Staybridge Suites is an upscale IHG extended stay hotel that provides a comfortable lodging option to those who need to travel for extended periods of time. The Staybridge Suites program is designed around making guests feel like they are at a home away from home and the company believes their amenities are “more than just a place to sleep.” Guestroom suites are all equipped with fully furnished kitchens including appliances, cookware, glassware, and silverware. Books, magazines, and games stock common areas. This hotel will be four stories with 106 guestrooms.
Anticipation for the ground break is early Q4 of 2017 with an estimated construction timeline of 12 months.
“We are excited for the opportunity to bring this new Extended-Stay Product into the Phoenix Market. The site is near multiple hospitals, Sky Harbor Airport, and the Central Business District of Phoenix,” says Tyler Mahoney, PEG Development Project Manager. “We hope this hotel will provide a valuable service to anyone in need of a comfortable place to stay, whether it be a night or two, or a month.”
“This site presented a unique opportunity as one of the last undeveloped infill land sites in central Phoenix. We believed it would be well-suited for several types of potential users and are pleased to have had the opportunity to market it. We were able to generate multiple offers within a very short time frame, and ultimately complete a transaction with PEG Development. Our client, Mataji Hospitality, and the buyer were both great to work with,” says Alan Houston of SRS.
Alan Houston of SRS represented the Seller, Mataji Hospitality.
About PEG Development
PEG Development, LLC (PEG) is a full-service commercial real estate development company based in Provo, Utah. Since its founding in 2003, PEG has developed an impressive portfolio of hospitality, multifamily, office, and retail properties throughout the Intermountain West. www.pegdevelopment.com.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, investment services and management services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit www.srsre.com/phoenix.