PHOENIX—CSM Lodging, a division of CSM Corporation, has announced plans for the renovation of the historic Professional Building—the former Valley Bank & Trust building—located in downtown Phoenix, and the property’s conversion to a premium select-service hotel.
The hospitality management, ownership and development company completed the purchase of the landmark property on December 20. Currently budgeted at $40 million, the project includes renovation of the historic Art Deco exterior and the installation of new insulated windows; new mechanical, electrical and plumbing systems.
“CSM Lodging feels this property is ideally situated to be converted to a premium select service property, which is currently missing from the downtown market,” stated Bill Upshaw, president of CSM Lodging. “We look forward to working with Phoenix, which has been so supportive, to open the hotel in time for the city’s hosting of the 2015 Super Bowl.”
Additionally, CSM Lodging is actively exploring branding options for the property, including Marriott and Hilton, but appears to be focused on the Hilton Garden Inn brand, due to the lack of Hilton product in the downtown market, according to the company.
The hotel will consist of 165 guestrooms on 12 floors, a rooftop terrace, 5,000 sq. ft. of meeting space, a business center, 1,300-sq.-ft. fitness center, and on-site parking. The project will also include approximately 8,000 sq. ft. of retail space along Central Avenue. CSM Lodging is currently meeting with potential tenants and exploring the right complements to the property.
The 13-story Art Deco structure opened in 1932 in the depths of the Great Depression, housing the offices for Valley Bank & Trust on the three lower levels and the Maricopa County Medical Society above. In 1993, the Professional Building was included on the National Register of Historic Places. Vacated in 2000, a subsequent planned conversion to a high-end boutique hotel ended when the project lender filed bankruptcy.
Designed in the classic Art Deco style of the period with strong vertical lines, a central tower with set-back wings and windows, and decorative grills above the main entrance doors on Monroe Street and Central Avenue, the building was later crowned with a rotating Valley Bank sign.
This sign and the Valley Bank & Trust building received a nod in 1960 from legendary Hollywood director, Alfred Hitchcock, as it can be seen in the opening scenes of one of his most storied films, Psycho. The bank also added a private dining club on the 12th floor. To do so, a cantilevered walkway was constructed that gives that floor a unique appearance.