Acquired in November of 2016 for $34.8 Million, the 259-room Hilton Phoenix Airport Hotel is the submarket leader in both average daily rate and occupancy. Prior to Caliber’s acquisition, the asset received a full $8 million renovation resulting in an upgraded parking lot, roof work, retiling of ground floor bathrooms, and electrical work. Since acquisition, the property has reduced annual expenses by over 20% and substantially increased its annualized net operating income from $3.5M to $4.4M. The Hilton Phoenix Airport sits in the top 10% of quality scores for the Hilton brand worldwide.