MIG Real Estate, a major California-based real estate firm, announced its expansion in the state of Arizona with two new hotel acquisitions in its capital city, Phoenix. MIG's expansion comes as an effort to invest more in the growing real estate market of the U.S.
The two hotels: The Fairfield Inn and Holiday Inn Express are both located in the metro area of Phoenix.
The Fairfield Inn was originally called Wingate Inn in 2002, which was later converted into a Fairfield franchisee in 2007. The hotel now has a total of 107 guestrooms including ten master suites and 1600 square feet of convention area. Located in midtown Phoenix, the hotel is just minutes away from Phoenix's central business district.
The Holiday Inn Express is located to the north of Scottsdale Road. The hotel was built in 1998 and has a total of 169 guestrooms. The hotel's location is an added attraction. It is surrounded by high end retail, dining and nightlife venues. It is also just a stone's throw away from Scottsdale Healthcare Hospital and Greenbaum Surgery Center.
"We found these hotels appealing due to their accessible locations, strong branding, and surrounding businesses, attractions, medical facilities, and sports venues. We will continue to seek value-add properties in the metro Phoenix market as part of our overall strategic growth initiative in the Western U.S.," Greg Merage, CEO of MIG Real Estate, said in a statement.
In late February, MIG closed another acquisition deal in Scottsdale. The company has purchased Acacia Creek, a 304-unit apartment from Equity Residential, a major building firm in the region. Located at 7007 E Gold Dust Avenue, just west of Scottsdale Road, the building sits on a 14 acre lot and offers various luxury amenities.