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$25.75M DoubleTree Gilbert sold to San Diego investor

DoubleTreeGilberthero

Signature hotel serves as a buyer's first acquisition in Arizona

PHOENIX – A San Diego-based investor has purchased the DoubleTree Gilbert hotel for $25,750,000. The property, located at 1800 S. San Tan Village Parkway, features 121 rooms and 10,000 square feet of ballroom and convention space.

“The sellers built the DoubleTree in 2009 and it was always a very successful asset for them,” says Mike Montoya, associate vice president with Colliers in Arizona. “They received a great offer that allowed them to shift focus to their upcoming developments.” 

Montoya, Jon Grantham and James Meng with Colliers in Arizona handled the sale transaction. Power Hotel Group of Mesa sold the property to Pacific Orchid Holdings of San Diego. The buyer’s investment portfolio includes other assets in California and this is their first acquisition in Arizona. 

The hotel property was sold for a price of $212,000 per room/key, which is the highest recorded price in the Southeast Phoenix submarket. The buyer was attracted to the property’s strong cash flow in a strong, expanding suburb of the Greater Phoenix market. DoubleTree Gilbert, located in rapidly growing Gilbert, Arizona, is located just off the Arizona Loop 202 Freeway. It is situated just a half mile from San Tan Village outdoor mall, Topgolf and Main Event entertainment venues.

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $77 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.


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Jon Grantham

Senior Vice President

Phoenix

Jon Grantham is a vice president with Colliers, specializing in the exclusive representation of buyers and sellers of hospitality investment properties.

Jon focuses on private capital transactions for branded and boutique assets, primarily in the Western United States. He partners with James Meng, senior vice president; and Mike Montoya, senior associate.

The team provides extensive advisory services and representation to clients in the disposition, management, and acquisition of hospitality-related assets. They also advise companies and owners pursuing the monetization of real estate holdings through hospitality asset financing.

Jon’s inherent analytic mentality and ability to react to and learn from a rapidly changing marketplace allow him to develop strategies that meet clients’ short- and long-term real estate investment goals. He clearly communicates his value proposition and presents solutions to clients that align with their business plans.

Known for their in-depth understanding of the hospitality market and innate knowledge of hotel operations, the team leverages their operational and ownership experience to create significant value and upside for clients.

Taking a fresh, exciting, impactful, and targeted approach, the team’s marketing is designed to generate the greatest exposure and interest in the marketplace. 

Colliers provides one of the most prolific international platforms within the industry for foreign capital investment sales, enabling the team to maximize exposure for their clients and provide a proven conduit to foreign capital.

Jon works with Colliers International’s Hotels Group, which provides significant local, regional, national, and international market knowledge and expertise needed to produce world-class marketing campaigns.

Prior to joining Colliers, Jon was a hospitality and multifamily investment specialist and member of the national Hospitality Group with Marcus & Millichap.

Jon started his career in market research for Pierce-Eislen, where he created indices used by public and private national REITs, private capital investors and industry leaders to forecast real estate cycles in 50 major metropolitan statistical areas (MSAs).

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James Meng

Senior Vice President

Phoenix

James Meng is a senior vice president with Colliers, specializing in the exclusive representation of buyers and sellers of hospitality investment properties throughout the Western United States. He partners with Jon Grantham, vice president; and Mike Montoya, senior associate.

The team provides extensive advisory services and representation to clients in the disposition, management, and acquisition of hospitality-related assets. They also advise companies and owners pursuing the monetization of real estate holdings through hospitality asset financing.

With comprehensive experience in hotel operations and a successful track record of investment sales, James understands the unique challenges and opportunities of hotel real estate. He skillfully guides owners and investors in developing short- and long-term acquisition and disposition strategies and in preparing for financing or portfolio restructuring.

Known for their in-depth understanding of the hospitality market and innate knowledge of hotel operations, the team leverages their operational and ownership experience to create significant value and upside for clients.

Colliers provides one of the most prolific international platforms within the industry for foreign capital investment sales, enabling the team to maximize exposure for their clients and provide a proven conduit to foreign capital.

James works with Colliers International’s Hotels Group, which provides significant local, regional, national, and international market knowledge and expertise needed. With more than 35 years of experience in the real estate industry, James brings a thorough knowledge of trends and conditions that impact the hotel and hospitality investment market.

Prior to joining Colliers, James was a hotel industry specialist and member of the national Hospitality Group with Marcus & Millichap. Previously, he was managing partner at M&M Associates, LLC, specializing in hotel real estate investment and management services.

James’ extensive operational background includes general manager positions at Best Western, Clarion Hotel by Choice Hotels, Comfort Inn by Choice Hotels, Ramada Hotels by Wyndham, Red Lions Hotel by Hilton, Holiday Inn Suites by IHG, Fairfield Inn & Suites by Marriott, and select high-end boutique hotels in the Scottsdale and Phoenix area. As general manager, he oversaw and was responsible for all areas of the hotel operations.

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