TEMPE, AZ-A 173-room Residence Inn by Marriott is ready to open in downtown Tempe today following a a longer-than-expected development process.
The opening of 11-story tower marks the first new hotel development in Tempe since 2009, and comes after five-year delay caused primarily by the economic crisis, according to a report in the Phoenix Business Journal.
The owner is Miami-based Finvarb Group. The Journal reports that local real estate sources estimate that the firm spent at least $50 million on the project.
The Residence Inn is the latest addition to the Mill Avenue District, which includes numerous hotels within a one-mile radius, the Journal says. In 2015, they will be joined by a 13-story Omni Hotels & Resorts' property boasting 330-rooms and 30,000-square-foot of conference space.
Click Phoenix Business Journal to read the full story.
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