The 72,363-sf hotel at 4415 N. Civic Center Plaza closed Monday as soon as the last paper was inked so the conversion could begin by the new local owner, Everest Hotels II LLC and the brand's owner, the UK-based InterContinental Hotels Group. "Equity really had no plans to sell this, but this was a good timing deal that made sense for both the buyer and seller," Jeff Cunningham, senior associate with CB Richard Ellis in Phoenix, tells GlobeSt.com.

Equity Inns acquired the hotel in 1998 shortly after it was built. The location near the shops in Old Town and Scottsdale Fashion Square Mall clearly was the dealmaker, according to Cunningham. "They really feel that this location in Scottsdale is where they need to be," he says. "They wanted to get in front of Equity and get their deal on the table."

InterContinental's Atlanta-based US arm has the Hotel Indigo flag flying in its homeport, Chicago and ones planned for Fort Worth and Houston. All locations are near cultural and entertainment districts; the brand touted as upscale yet affordable. "I'm not sure what their plans for growth are in the area," Cunningham adds. "This is a brand that's very much developed with specific locations in mind."