IRVINE, Calif.—PHG Hotel Fund I, an affiliate of Pacific Hospitality Group, has announced the purchase of AC Hotel Phoenix Tempe/Downtown in Tempe, Ariz. and AC Hotel Irvine in Irvine, Calif. from Woodbine Development Corporation and USAA.
“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. “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 recently opened AC Hotel Tempe is situated at Hayden Ferry Lakeside, an urban mixed-use development consisting of restaurants, shopping, outdoor recreation, residential, office space, and condominiums. This hotel features a rooftop pool with a terrace, 1,000 square feet of meeting space, AC Kitchen and Lounge, and a fitness facility.
Guests have convenient access to the city’s cultural and recreational activities, and an array of nearby diverse demand drivers for visitors, including Arizona State University’s Campus, Sun Devil Stadium, and the Mill Avenue District restaurants and shopping.
“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. “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.”
AC Hotel Irvine is a new-build development located in the heart of Orange County in a premium urban project known as Park Place, a 105-acre mixed-use master development consisting of office space, restaurants, retail, residential and on-site fitness center. This modern, design-driven hotel features a second story pool with terrace, 1,500 square feet of meeting space, an AC Kitchen and Lounge and a fitness facility. The first floor will also feature a leased Mexican street food style restaurant to be announced soon.
Located less than two miles from John Wayne International Airport, the hotel also offers guests access to many different art offerings, shopping venues, theme parks, and several recreational activities from hiking and biking to surfing at one of the many nearby beaches.