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PHOENIX — Flagstaff, Ariz.-based Krista R. Corp. has purchased Park Plaza Hotel, a hotel located at 2641 W. Union Hills Dr. in northwest Phoenix, for $8 million. Built in 1988 as a prototype Wyndham Garden Inn, the hotel underwent a $3 million renovation in 2005. The property features 166 rooms, including 16 suites, a 6,800-square-foot meeting space, an on-site restaurant and lounge, a fitness center and an outdoor heated swimming pool. Steve Chylko of Phoenix-based Arizona Real Estate Group represented the buyer; Jeff Cunningham and Tim Ives of CB Richard Ellis (CBRE) represented the seller, a joint venture between Minnetonka, Minn.-based Carlson Hotels and Newton, Mass.-based HPT SPES II, in the transaction.

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