119-Room Hotel Highland Acquisition
NEWPORT BEACH, CA, March 19, 2010
/24-7PressRelease/ -- Stoneridge Capital Partners, a Newport Beach, Calif.-based real estate investment company, has acquired the 119-room Hotel Highland in Phoenix. This purchase marks Stoneridge's entry into the hospitality sector, launching the firm's strategy to acquire high-quality, well located moderate and upper tier lodging properties in the Western U.S.
"The hotel's unique location, architecture and nearby amenities provided an ideal opportunity for us to enter this prominent submarket," said Greg Merage, CEO of Stoneridge Capital Partners. "We will remain focused on acquiring these types of assets as we expand our presence in Phoenix and throughout the Western Region."
Located at 2310 East Highland Avenue, the Hotel Highland sits in the heart of Phoenix's Biltmore District, commonly known as the Camelback Corridor. This affluent commercial district near Scottsdale is home to approximately 9 million square feet of office, hotel, shopping and dining destinations, including the upscale Biltmore Fashion Park. The hotel also benefits from a central location, less than five miles from the Sky Harbor International Airport.
"Our strategy for the
Hotel Highland will be to provide the business traveler with well appointed guest rooms at competitive rates, convenient to nearby businesses." said Merage.
Bill Murney of HREC(R) - Hospitality Real Estate Counselors(SM) represented Stoneridge in the transaction. The seller was represented by Stan Kozlowski, Jr. of CBRE Hotels.
With this purchase, Stoneridge has now completed more than $150 million in acquisitions within the past 12 months. Stoneridge is engaged in an active expansion of its
real estate portfolio through direct acquisitions, retail, office, multifamily and residential land in major markets located throughout California, Phoenix, Las Vegas, Hawaii and Denver.
About Stoneridge Capital Partners
Stoneridge Capital Partners is a Newport Beach, Calif.-based
private real estate investment company. The company invests globally through real estate private equity funds, joint ventures and direct investments through a long-term investment philosophy focused on acquiring assets with optimum value. Funded internally, Stoneridge has the agility and flexibility to close quickly on transactions on an all-cash basis. Additional information on Stoneridge is available at
www.stoneridgecp.com.
Idea Hall is a full-service
marketing and advertising agency with offices in downtown Los Angeles and in Orange County (Costa Mesa), California.
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