SVC sells even more Sonestas

PHOENIX, Arizona – Phoenix-based Hospitality Capital Partners (HCP) along with its equity partner National Property Advisors (NPA) have acquired five hotels totaling more than 665 rooms from Service Properties Trust (SVC) for $72 million as part of a larger NPA transaction. The transaction, which closed on December 4, expands HCP's footprint in key Arizona markets, including Metropolitan Phoenix and Flagstaff.

HCP stated that the portfolio consists of strategic high-demand locations that demonstrate durable value, including Sonesta Select Phoenix Chandler, Sonesta Select Tempe Downtown, Sonesta ES Suites Tempe, Sonesta ES Suites Flagstaff, and Sonesta ES Suites Scottsdale Paradise Valley. With this transaction, HCP's portfolio now exceeds 1,500 rooms.

NPA is working with HCP to acquire more properties in Phoenix and the surrounding area.

HCP and its principals have previously owned nearly 50 hotels throughout the western United States. Notable current assets include the former Saguaro Scottsdale in the city’s historic Old Town district, which is under extensive renovations to become a 194-room Hyatt JdV this winter called Hotel Solaya, and a new Hyatt Unscripted called The 233 in downtown Mesa opening this February.

Through their associated company, Parks Legacy, HCP also owned and operated more than 25 golf courses, including three currently on the West Coast. Today, HCP’s principals and family office oversee more than 70 assets and maintain an active pipeline of new acquisition opportunities.

“We focus on locations that are consistently in high demand and have high barriers to entry for competition. In this case, several of these hotels are in irreplaceable locations,” said HCP Managing Partner Keith Mishkin. “This acquisition strengthens our long-term strategy by adding assets that will remain desirable for decades. It reflects our belief in the enduring value of these markets and our commitment to acquiring high-quality properties with strong fundamentals.”

According to Parimal ‘Primo’ Parmar, partner at HCP, “The portfolio offers both immediate performance potential and meaningful long-term upside for our investors. We’re focused on securing well-positioned hotels that can generate revenue from day one while continuing to appreciate over time. These trophy properties check every box — from location to brand strength to the stability of the surrounding markets.”