Original Article from the Business Real Estate Weekly of Arizona.
SCOTTSDALE – A company formed by investor Joe Blackbourn of Everest Holdings in Scottsdale paid $12.15 million to purchase the 126-room Hampton Inn located at 4415 N. Civic Center Boulevard in Scottsdale. The seller was Equity Inns Partnership of Germantown, Tenn. (NYSE:ENN, Phillip McNeill, Sr., Chairman). The transaction was negotiated by Jeff Cunningham of CB Richard Ellis in Phoenix.
Everest Holdings intends to convert the property to a Hotel Indigo, an upscale brand of InterContinental Hotels Group. The hotel acquisition is the second in the Valley for Everest Holdings. In March 2004, BREW reported Everest Holdings paying $5.75 million to acquire the 250-room Crown Plaza-Phoenix hotel located at 2532 W. Peoria Avenue in Phoenix. Everest Holdings is looking for additional hotel properties in the Phoenix area. In August 1996, BREW reported Equity Inns Partnership paying $9.3 million to buy the five-story, 72,363-square-foot former Hampton Inn. Equity Inns, a real estate investment trust (REIT), owns 125 hotel properties in 36 states.