Wednesday, November 20, 2013

Boutique Hotel Investor Acquires Twin Palms Hotel in Tempe

VIZZDA – November 20th, 2013 – The long-standing Twin Palms Hotel at 225 E Apache Blvd in Tempe has been purchased by Chicago-based AJ Capital Partners for $5,884,245. Mr. Fred Anthon of Missouri, owner of Crown Packaging, sold the property after owning the property for eighteen years.
Twin Palms Hotel - 225 E Apache Blvd
Located just South of Arizona State University’s Gammage Auditorium on the southwest corner of Apache Boulevard & College Avenue, Twin Palms is a 7-story hotel built 1975 with 140 rooms. The 2.41-acre parcel includes a freestanding restaurant leased to International House of Pancakes (IHOP #1510) dating back to 1968. There are also a number of telecommunication leases on the site.

AJ Capital financed the purchase with $6.75M debt loaned by Spectrum Life Insurance Co. Mr. Ben Weprin founded AJ Capital Partners in 2008, with the “A” & “J” standing for Adventurous Journeys. Their prestigious portfolio spans Auberge Resorts, Isle De France in St. Barths, to the re-development of Chicago’s Athletic Association. City of Tempe planners indicated no new entitlement cases for the site.

By:
Hadden Schifman
Managing Director
Vizzda.com

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