WaterWalk, the extended-stay hospitality company, has completed its first ever asset sale. The company sold its WaterWalk Phoenix North Happy Valley to Ignite Hotels LLC, the real estate development company specializing in hotel operations on the West Coast. The purchase price was not disclosed.
In April, WaterWalk and Wyndham Hotels & Resorts launched a strategic relationship, giving another option for Wyndham Rewards members in the upscale, extended-stay segment and adding 11 hotels to Wyndham’s ecosystem. The new offering was named WaterWalk Extended Stay by Wyndham, becoming the 25th brand to join Wyndham’s portfolio.
WaterWalk Phoenix North Happy Valley opened in February 2023 as the first Gen2 prototype. The 126-unit hotel has been delivering “impressive results,” WaterWalk said in a statement, adding that the property includes a combination of furnished and unfurnished units.
Under the WaterWalk’s new prototype, all hotels consist of a single four-story-high building with fully-furnished ‘Stay’ units (ranging from studio suites and one- and two-bedroom suites) and unfurnished ‘Live’ units (available in one- and two-bedroom suites).
Located in the Phoenix North Happy Valley area, the hotel sits close to business hubs, shopping, dining and outdoor attractions. WaterWalk Hospitality will continue to manage the hotel under the WaterWalk Extended Stay by Wyndham brand and form a new partnership with Ignite Hotels.
“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. This milestone not only showcases our ability to develop exceptional upscale extended-stay properties but also demonstrates our success as a trusted management company,” said Mimi Oliver, CEO of WaterWalk Hospitality.
The collaboration with WaterWalk will allow Ignite Hotels to capitalize on the potential of the extended-stay market, while leveraging WaterWalk’s experience in operations and guest satisfaction, Ignite Hotels Gurbir Sandhu said.
The hotel’s sale was brokered by HREC.
Founded in 2014 by the late Jack DeBoer, a veteran in the extended-stay segment, WaterWalk is now led by his granddaughter Oliver. Calling it a “unique business model,” Oliver previously told HOTELS that the uniqueness of offering unfurnished rooms is what sets WaterWalk apart from similar brands and doesn’t make the brand a direct competitor to other extended stay brands.
All rooms have a fully-equipped kitchen with full-sized appliances, a pantry and kitchen island as well as a full-size washer and dryer and a bathroom. Hotels include The Living Room in the lobby which offer an espresso station, work stations with a printer, oversized wall-mounted board games and a television. Other amenities include a fitness center, pool, community events and outdoor spaces.
