Residence Inn Phoenix Desert View at Mayo Clinic

Location: Phoenix, AZ
Type: Hospitality
Price: $ 22,100,000

SMC has provided a $22,100,000 ten-year fixed rate first mortgage to refinance the existing debt collateralized by the Residence Inn Phoenix Desert View at Mayo Clinic. The Property is an institutional quality, 208-room extended-stay hospitality asset located in Phoenix, AZ which opened in 2009. The Property is located on the Mayo Clinic campus, and directly across from American Express’s Desert Ridge headquarters. The Property is managed by Residence Inn by Marriott. The Property has experienced continuous occupancy and ADR growth and has consistently exhibited strong RevPar penetration since opening in 2009. Based on the Property’s December 2011 customer satisfaction rating of 89.1%, the Property ranks within the top 25th percentile of the entire Marriott brand.