These are Phoenix’s 5 Largest Hotel Sales of 2023

Article originally posted on Phoenix Business Journal on December 14, 2023

Just like most major real estate transactions, Valley hotels and resorts acquisitions slowed in 2023. But there was still a market for them, especially on the higher end.

In 2023, there have been 30 hospitality properties around the Valley that were sold. That’s down from the 46 in 2022, according to real estate database company Vizzda. In 2021 there were 43 transactions, 21 in 2020 and 45 in 2019.

Commercial real estate brokers told the Business Journal again and again in 2023 that deals were still happening and demand is there, but several macroeconomic trends – interest rates, capital markets, and the possibility of a recession – have led buyers to really look at all angles of deals before closing on them.

Read complete article here: https://www.bizjournals.com/phoenix/news/2023/12/13/phoenix-top-5-hotel-sales-of-2023.html?cx_testId=40&cx_testVariant=cx_9&cx_artPos=0#cxrecs_s