US: Extended stay developer and operator WaterWalk has acquired a 4.5 acre development site in Phoenix’s Deer Valley neighbourhood for $2.14 million.
The vendor was Alter Group, a commercial real estate development company based near Chicago. Kidder Mathews commercial real estate brokers, Trask Switzenberg and Chuck Wells, represented WaterWalk in the transaction.
WaterWalk purchased the site with approved plans to construct an extended stay hotel, which will be its tenth location.
“We’re excited to expand our presence to the vibrant south-west and are eager to bring WaterWalk to increasingly savvy business travellers wanting an elevated guest experience,” said Mimi Rogers, president of WaterWalk International. “Our teams have a deep-rooted passion for service and we consistently deliver an extraordinary amount of guest satisfaction.”
WaterWalk currently has seven open hotels in Kansas, Colorado, Texas, and North Carolina with two additional locations opening this year in North Carolina and Minnesota. It plans to have 50 locations open by year-end 2024.
“The continued rapid expansion in the Deer Valley submarket, coupled with the site lying in an opportunity zone, led to our client’s confidence in moving forward with the transaction, even amidst the current economic climate,” said Switzenberg, a vice president with Kidder Mathews.
