Tuesday January 28th, 2014 - 3:07PM
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.