Dreamscape Companies has acquired the Residence Inn Desert View at Mayo Clinic. The extended stay hotel is adjacent to the famous Mayo Clinic, which is preparing for a massive $700 million renovation. Dreamscape paid $50.5 million for the property. The hotel was sold by the Robert Finvarb Companies, based out of Miami, Florida. The deal was brokered by Adam Etra, Mark Schoenholtz and Nick Pappas at Newmark.

The acquisition was Dreamscapes first in Arizona. “A cornerstone of Dreamscape’s philosophy is its focus on gateway cities and up-and-coming markets, and we’ve had our eye on Phoenix for some time as it aptly fits this bill,” explained Dreamscapes Eric Birnbaum.

The Mayo expansion will increase its capacity by nearly 50-percent. Birnbaum said the hotel hopes to capitalize on the corresponding number of family and friends, staff, and students.

Residence Inn Phoenix Desert View at Mayo Clinic has been outfitted with 208 guest rooms and suites intended for extended stay guests that are fully equipped with kitchens.