PHOENIX — WaterWalk, a developer of upscale extended-stay hotels, has purchased 4.5 acres at the southwest corner of 19th Avenue and Pinnacle Peak Road in Phoenix’s Deer Valley neighborhood. Alter Group sold the development site for $2.1 million.
Trask Switzenberg and Chuck Wells of Kidder Mathews represented the buyer in the deal. WaterWalk plans to develop an extended-stay hotel on the site, which includes a retail pad.
Currently, WaterWalk has seven open hotels in Kansas, Colorado, Texas and North Carolina, with two additional locations opening this fall in North Carolina and Minnesota. The Phoenix property will be the brand’s first Arizona property. WaterWalk plans to have 50 locations open by year-end 2024.
WaterWalk is the fifth national brand started by hotelier Jack DeBoer. Other brands include Residence Inn, Summerfield Suites, Candlewood Suites and Value Place/WoodSpring.