Acquired in November of 2016 for $34.7 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. Peep holes, faucets, and key systems were all replaced as well. Under the helm of Caliber-HMC, the property has reduced annual expenses by over 20% and substantially increased its annualized net operating income from $3.5M to $4.4M in one year. The Hilton Phoenix Airport, which is in the top 10% of quality scores for the Hilton brand worldwide, is significantly over the competitive set in average daily rate.