Hospitality Business for Sale in Phoenix, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Hospitality Business
  • Location: Phoenix, AZ 85008

Description

The Crowne Plaza Phoenix Airport PHX is a 290-key, full-service hotel strategically located directly across from the PHX Sky Train and approximately one mile from Phoenix Sky Harbor International Airport, which serves over 51 million passengers annually. The Property benefits from immediate access to Downtown Phoenix, the Phoenix Convention Center (293K+ annual attendees), major sports venues, and Arizona State University, supporting consistent corporate, airline, group, and leisure demand. The asset is offered at an attractive basis of approximately $20,000 per key ($60,000 per key inclusive of a $40,000 per room PIP), representing a significant discount to replacement cost for a full-service hotel of this scale in a high-barrier-to-entry airport submarket. With 167,850 square feet, 10 stories, and institutional-quality scale, the Property provides a rare opportunity to acquire a large-format airport asset at a low basis relative to both replacement cost and recent trades. Current operations reflect 67.8% occupancy, $128.57 ADR, and $87.17 RevPAR, with the Property ranking near the bottom of its competitive set, indicating clear upside through operational improvements and repositioning. The asset features approximately 15,000 square feet of meeting and event space, full-service food and beverage offerings, and existing infrastructure capable of supporting higher-rated group and corporate demand. Given the existing scale, layout, and amenities, investors should evaluate a more comprehensive renovation strategy beyond the standard PIP, including potential up branding to an upper-upscale or lifestyle soft brand. A successful repositioning has the potential to increase RevPAR toward the $125 $135 range, materially improving operating margins and better absorbing the fixed ground lease expense. The Property’s location within Opportunity Zone Census Tract #04013113801 further enhances the investment profile by offering eligible investors potential tax-advantaged structur

Market Context

This hospitality in Phoenix, AZ is listed for sale. It has been on the market for 68 days. Compare it against other hospitality listings for sale in Phoenix, AZ — <a href="/search/sale/hospitality/arizona/phoenix">view the full market</a>.

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