The recently opened AC Hotel Tempe at Hayden Ferry Lakeside has been sold to Irvine, California-based PHG Hotel Fund I, LLC, an affiliate of Pacific Hospitality Group.
PHG also purchased AC Hotel Irvine in California.
PHG declined to disclose the amount of the purchase.
The purchase makes AC Hotel Tempe the first Phoenix-based hotel owned by PHG.
“We are excited to welcome AC Tempe as our company’s first hotel in the Phoenix area, and eager to unveil AC Irvine as a terrific addition to our existing significant presence in Orange County,” said Tim Busch, chief executive officer of Pacific Hospitality Group, in a statement. “These two AC Hotels are on the cutting edge of new boutique hotel development and appeal to the next generation of business and leisure travelers who demand a discerning lifestyle experience.”
The hotel, which opened earlier this month, has 159 guest rooms with hardwood floors, monotone colors and simple furnishings, four of which will be suites; 650 square feet of meeting space; a rooftop pool; a fitness center with floor-to-ceiling windows; the AC Library, which will be a working space with digital amenities; the AC Lounge, which will offer craft beers, cocktails, and tapas bites; and the AC Kitchen, which will have European-style dishes like flaky croissants, artisanal La Quercia prosciutto and Nespresso coffee.
“Our investment strategy is opportunistic and seeks high-end boutique select service hotel assets in urban top-tier markets that have excellent locations and long-term growth potential generating strong and consistent returns,” said Kory Kramer, chief investment officer of Pacific Hospitality Group, in a statement. “Both AC Tempe and Irvine serve as the foundation for our PHG Hotel Fund I. We couldn’t be more thrilled given the quality of assets and investment potential.”
PHG finances, manages and owns the Bacara Resort & Spa in Santa Barbara, Balboa Bay Resort in Newport Beach, Estancia La Jolla Hotel & Spa, The Meritage Resort and Spa in Napa Valley, Ko’a Kea Hotel & Resort in Kauai and the recently opened Paséa Hotel & Spa in Huntington Beach. PHG also serves as the owner-franchisee for the following properties: Wyndham Anaheim Garden Grove, AC Hotel Phoenix Tempe/Downtown, AC Hotel Irvine, AC Hotel New Orleans Bourbon/French Quarter Area, DoubleTree by Hilton Irvine Spectrum, and DoubleTree by Hilton Santa Ana/Orange County Airport.
TynanGroup is acting as the Owner’s Representative for Pacific Hospitality Group on both the AC Hotel Tempe and AC Hotel Irvine.