A California-based investment company paid one of the highest prices of the last year for a hotel in Phoenix, buying a former Ritz-Carlton that Marriott International reopened a few years ago as The Camby Hotel.
KHP Capital Partners, based in San Francisco, paid $110 million, or just under $400,000 per room, to buy the 277-key upper-upscale hotel on the southeast corner of 24th Street and Camelback Road, sale documents show.
The seller, Host Hotels & Resorts, in 1998 paid $75 million for the property, then known as part of the Ritz-Carlton luxury hotel chain, CoStar data shows. The sum was one of the highest total prices paid for a greater Phoenix hotel at the time.
KHP bought The Camby at 2401 E. Camelback Road for the second-highest total price of the past year in greater Phoenix, surpassed only by Dallas-based Braemar Hotels & Resorts’s $268 million purchase in December of the 210-room Four Seasons Resort in Scottsdale. Strategic Hotels & Resorts, based in Chicago, sold the Four Seasons in December for a whopping price of just under $1.3 million per room, the highest price per room in greater Phoenix history, CoStar data shows.
Central Phoenix is one of the region's biggest hotel markets with 11,000 rooms across 51 properties. KHP bought the hotel for nearly 25% above the greater Phoenix average of just over $300,000 per room, according to a CoStar report.
Host Hotels, a hotel real estate investment trust based in Bethesda, Maryland, renovated and reopened the 2 ½-acre property in 2015 as The Camby, part of Marriott’s Autograph Collection of upscale and luxury hotels.
The hotel has such hip and upscale attractions as a rooftop pool with a bar, vinyl record players, complimentary bicycles and Artizen, a crafted Americana-style kitchen and bar.
No brokers are listed as representing the buyer or seller.