PLA Arranges Sale of Interest in Hotel Monroe
Tuesday January 28th, 2014 - 3:07PM ES
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PHOENIX—Paramount Lodging Advisors (PLA) announced the sale of Grasshopper Development, LLC’s interest in the Hotel Monroe/Valley National Bank Building redevelopment located here to CSM Lodging.
The 1931 building, located at 15 E. Monroe St. in downtown Phoenix, is at the epicenter of a multi-billion dollar redevelopment area. The project’s original developer was 50% complete with a conversion to a luxury boutique hotel called “Hotel Monroe” before losing the project to the lender.
Grasshopper Development LLC’s principals, Jay Wentz and David Iwashita, were successful in obtaining the bankruptcy court’s approval to revive the project and continue with the redevelopment. Their expertise in the utilization of both historic and new market tax credits and experience with a similar hotel project in San Diego paved a favorable landscape for CSM Lodging to acquire their interest.
CSM Lodging plans to redevelop the historic building into a limited-service hotel. PLA Managing Director Scott Griemsmann represented the seller, Grasshopper Development LLC.
Tags: PLA • Hotel Monroe • Hospitality • Acquisitions • Sources of Funding •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.