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SCOTTSDALE, ARIZ. — Colliers has brokered the sale of 3 Palms Hotel, located at 7707 E. McDowell Road in Scottsdale. California-based investors — Peter Sun of Five Star Inn One LLC and Lily Hsue of Five Star Inn Two LLC — acquired the asset from Roger Abbott of La Jolla, Calif., for $23 million.
Originally constructed in 1980 and remodeled in 2006 and 2007, 3 Palms Hotel features 130 guest rooms with full-length mirrors, complimentary newspapers, high-speed Wi-Fi and deluxe spas. Situated on 3.4 acres, the hotel offers an outdoor pool and spa, a rooftop sundeck, fitness center and concierge.
James Meng of Colliers handled the negotiations and transaction.