Phoenix, AZ -- HCW, LLC, (www.hcwdev.com) has signed a 45-year lease on a 2.67-acre site at The Alter Group's (www.altergroup.com) 187-acre Riverwalk Arizona (www.riverwalkarizona.com) mixed-use business park in Scottsdale, AZ, to build a 101-room Hampton Inn & Suites hotel.
Michael J. Alter, President of the Chicago-based national corporate real estate development firm, announced the transaction.
Construction of the hotel is expected to begin in the middle of 2009, with completion scheduled for 2010.
"The Hampton Inn is just the first of several hotels that we hope to bring to Riverwalk Arizona," according to Alter. "A business park as large as Riverwalk easily supports multiple hotels because of the sheer volume of firms that the completed development will accommodate. Currently, we are having discussions with several nationally known chains, from mid-range lodgings all the way up to prominent luxury brands."
The value-oriented Hampton brand -- which encompasses Hampton Inn, Hampton by Hilton and Hampton Inn & Suites hotels -- is a mid-priced leader in the hospitality segment. Headquartered in the tourism town of Branson, MO, HCW's developments reach out to bring top-quality commercial and residential projects into several states, completing more than $2 billion in real estate development.
Richard E. Huffman, HCW Chief Executive Officer, stated that "We are truly excited to be a part of this Riverwalk development in the beautiful state of Arizona. We believe this project will fill a void for a business-class hotel."
The character of the area is always taken into account in HCW developments. New construction blends harmoniously with existing structures, while rehabilitated projects bring fresh and up-to-date convenience to established structures. HCW projects bring innovation, excitement and a new outlook to communities as they move into the future.
The Hampton brand is a four-time winner of the "Highest Guest Satisfaction Among Mid-Price Hotel Chains with Limited Food Service" award in the J.D. Power & Associates Domestic Hotel Guest Satisfaction Study.
The Alter Group's exclusive leasing agent for Riverwalk Arizona is CB Richard Ellis, represented by Jerry Roberts, Senior Vice President. Chuck Wells, Director of Retail Properties with Phoenix Commercial Advisors, represented Hampton Inns. Kurt W. Rosene, Senior Vice President of National Development, and Jaime Northam, Vice President, represent The Alter Group at Riverwalk Arizona.