WaterWalk has sold its WaterWalk Phoenix North Happy Valley location to Ignite Hotels LLC. The transaction is WaterWalk Holding Company’s first asset sale.

In February 2023, the Phoenix property debuted as the first Gen2 prototype. has consistently delivered impressive results, offering a unique combination of furnished and unfurnished units that elevate the extended stay travel experience with an upscale touch.

The 126-unit hotel is located in the Phoenix North Happy Valley area, near major business hubs, shopping, dining and outdoor attractions.

WaterWalk Hospitality will continue to manage the property under the WaterWalk Extended Stay by Wyndham brand, forming a new partnership with Ignite Hotels. This collaboration brings together the expertise of WaterWalk Hospitality and the commitment of Ignite Hotels to the brand, ensuring a seamless experience for guests and stakeholders.

“The successful sale of WaterWalk Phoenix North Happy Valley is a proud moment for our team and a testament to the strength of the WaterWalk Extended Stay by Wyndham brand,” said Mimi Oliver, CEO, WaterWalk Hospitality. “This milestone not only showcases our ability to develop exceptional upscale extended-stay properties, but also demonstrates our success as a trusted management company. We are thrilled to partner with Ignite Hotels and look forward to building a strong relationship that underscores our commitment to delivering excellence in hospitality.”

Gurbir Sandhu, president, Ignite Hotels, added, “We are excited to partner with WaterWalk Hospitality as our management company and the Wyndham team. This collaboration allows us to capitalize on the tremendous potential of the extended-stay market while leveraging WaterWalk’s proven expertise in operations and guest satisfaction.”

HREC Investment Advisors exclusively represented WaterWalk on this transaction. As exclusive advisors to the seller, negotiations were led by Josh Smith, SVP, and Jon Grantham, SVP/broker on record for Arizona.

“Our team was presented a rare opportunity with future case-study implications to recapitalize an asset before and during the initial roll out of a new brand and concept,” said Smith. “The rare opportunity for both ‘Stay’ and ‘Live’ components as a hotel investment was met with open arms by our proprietary buyer pool, and direct contact with the investment community and brand. We worked hand-in-hand with brand developers, stakeholders and the seller during its transition of the asset to franchisor and management company. The successful transaction landed within pricing expectations. We congratulate all on this win!”

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