The Snyder Carlton National Net Lease Team is pleased to offer to qualified investors an opportunity to purchase The Westin Tempe, an absolute NNN leased hospitality asset located in Phoenix, AZ (MSA Population: 4.7 Million). The Westin, Marriott International’s premier luxury wellness brand, focuses on “wellbeing programming and revitalizing amenities that ensure you leave feeling better than when you arrived.” The 290 key 4-star hotel was completed in 2021, is strategically positioned in the heart of both Tempe and Arizona State University and provides luxurious accommodations to travelers and visitors.
The Absolute NNN lease has a primary term of 25 years, four 5-year option periods, 2% annual rent increases, and is backed by a strong Multi-Unit Franchisee. The 290,838 SF 17-story building on 0.85-acre parcel is positioned on E 7th Street and features great access from S Mill Ave and E University drive which have a combined traffic count exceeding 54,500 VPD. Arizona State University is directly adjacent to the subject property with enrollment exceeding 112,100 students, a vibrant student culture, strong academics and athletics, and has been ranked the #1 university in innovation for eight years in a row. Phoenix Sky Harbor International Airport (PHX) is only 10 minutes away and sees over 44 million passengers annually. With over 20+ airlines and nonstop service to 140+ destinations both domestic and international, Sky Harbor is considered by many “America’s Friendliest Airport.” The Valley Metro Rail has a station just ¼ mile away, connecting Tempe with the rest of Phoenix. Other nearby attractions include Sun Devil Football Stadium, Desert Financial Arena, Sloan Park (Chicago Cubs Spring Training Facility, ASU Gammage Performing Arts Center, Tempe Town Lake, US Airways Headquarters, and more.
This is an excellent opportunity to acquire a trophy absolute NNN hospitality asset in a dominant location, with a long-term lease, annual increases, and a strong tenant, ensuring years of inflation resistant cash flows.