Boutique hotel investor acquires Twin Palms Hotel in Tempe

Twin Palms Hotel - 225 E Apache Blvd — Twin Palms Hotel – 225 E Apache Blvd

By Hadden Schifman | Vizzda.com

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.

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.

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November 21, 2013

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