The 100-room Aloft Glendale at Westgate hotel, built several years ago, has been sold for nearly $24 million to Chicago-based Bradford Allen Hospitality Investments by Branson, Missouri-based HCW Development. The hotel, developed in 2017 at a cost of $12.5 million, boasts a prime location in the Westgate Entertainment District, near State Farm Stadium and various entertainment venues. Its amenities include business meeting space, a gym, outdoor pool, bar, and convenience store. This sale marks one of the largest hospitality acquisitions in metro Phoenix this year. Despite a slowdown in hotel sales in 2023, hotel construction in the region has surged, with numerous projects underway or in planning stages.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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