Hotel Developer WaterWalk Buys North Phoenix Site for First Arizona Location

Article originally posted on Phoenix Business Journal on August 13, 2020

A developer of high-end extended stay hotels bought 4.5 acres of land in north Phoenix to develop the company’s first Arizona hotel property.

WaterWalk, which is headquartered in Wichita, Kansas, purchased the development site at 19th Avenue and Pinnacle Peak Road for $2.14 million from the Alter Group. Trask Switzenberg and Chuck Wells of Kidder Mathews represented WaterWalk in the transaction.

“The continued rapid expansion in the Deer Valley submarket, coupled with the site lying in an opportunity zone, led to our client’s confidence in moving forward with the transaction, even amidst the current economic climate,” Switzenberg said in a statement.

The company already has seven hotels open in Kansas, Colorado, Texas, and North Carolina with two additional locations opening this fall in North Carolina and Minnesota. WaterWalk plans to open 50 hotels by the end of 2024.

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WaterWalk opened its Dallas-Las Colinas location in 2018.