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

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

InterContinental's Atlanta-based US arm has the Hotel Indigoflag flying in its homeport, Chicago and ones planned for FortWorth and Houston. All locations are near cultural andentertainment districts; the brand touted as upscale yetaffordable. "I'm not sure what their plans for growth are in thearea," Cunningham adds. "This is a brand that's very much developedwith specific locations in mind."