Phoenix (May 24, 2022) – Dinesh “Dan” Rama and Kishan Gohel of NewGen Advisory proudly announce the sale of the Days Inn by Wyndham hotel in Phoenix, Arizona. Located within a heavily populated area near Downtown Phoenix and Phoenix Sky Harbor International Airport, this hotel consists of 50 units on 1.4 acres of land. The buyer, Arizona Housing, Inc. (AHI), plans to build an additional 50 units by summer 2023 to provide permanent, supportive housing to the homeless community. This hotel is now officially a part of the Hotel to Homeless Housing Project.
FROM HOTEL TO HOMELESS HOUSING
NewGen Advisory has facilitated numerous hotel transactions that have been converted to an alternative use such as senior care, veteran’s housing, affordable housing and now homeless housing. Dan and Kishan assisted the buyer and seller in navigating through the trials and tribulations of purchasing a hotel as a conversion project. The Days Inn is now the latest addition to the NewGen Advisory portfolio of hotel to homeless housing projects.
“Homelessness in Phoenix has been on the rise.” said Kishan Gohel. “I’m proud that we were able to assist Arizona Housing, Inc. in this acquisition to help alleviate the problem.”
According to the 2022 Maricopa Association of Governments data there are more than 5,000 homeless individuals in Maricopa County.
POSITIVE COMMUNITY IMPACT
This hotel to homeless housing project was funded by the federal American Rescue Plan Act (ARPA) locally approved by the Maricopa County Board of Supervisors. They had approved $17 million to multiple affordable housing projects which will result in over 600 units around the county.
“Working with our Board of Directors led by Board Chair, Douglas Tymins and supported by our team of AHI professionals and other supportive service agencies, AHI is thankful for the opportunity to better serve the community through the purchase of the Days Inn.” said CEO Mark Holleran. “This will enable us to expand housing for low-income individuals in the Phoenix metro area who are homeless and have very few available and accessible alternatives for housing and true independence and self-sufficiency.”