A New York real estate development firm acquired its first Arizona property, buying a 208-room extended-stay hotel near the Mayo Clinic in Phoenix for $50.5 million.

Dreamscape Cos. paid about $242,800 per room, more than 17% above the greater Phoenix average for hotels, to buy the Residence Inn Phoenix Desert View at 5665 E. Mayo Blvd., according to public sale and loan documents.

New York-based Dreamscape, which owns hotels and other properties in Las Vegas; Nashville, Tennessee; and Charleston, South Carolina, bought the property north of Scottsdale from Robert Finvarb Cos., a Miami-based hotel development firm.

Dreamscape has long been interested in buying property in Phoenix, attracted by the city's rapid population, employment and retail growth, the company said in a statement.

The purchase of the hotel near Scottsdale "represents a unique opportunity to acquire a well-performing asset on the grounds of the Mayo Clinic, a world-renowned medical facility," Scott Broder, president of Dreamscape Hospitality, said in the statement.

The Residence Inn, an extended-stay brand operated by Marriott International, is the only hotel within walking distance of the acclaimed nonprofit clinic, according to the buyer. The medical center is preparing to start a more than $700 million renovation and expansion that will expand its patient capacity.

Scottsdale has one of greater Phoenix's largest concentrations of hotels, with 16,000 rooms across about 90 mostly high-end properties, according to hospitality analytics firm STR, a unit of CoStar Group.

Adam Etra, Mark Schoenholtz and Nick Pappas of brokerage Newmark brokered the transaction for the buyer and seller.