SCOTTSDALE, AZ—Snyder Nationwide Real Estate, Inc. and Cassidy Turley have sold the Hotel Monroe in downtown Phoenix by C&M Loan, LLC and ML Manager, LLC to Grasshopper Development, LLC and CSM Corporation.
The Professional Building, recognized as a historical, high-rise in Phoenix, was erected in 1931 at the corner of Central Avenue and Monroe Street and originally housed the Valley National Bank and a medical office. The building was envisioned to become an upscale boutique hotel and a vast amount of structural work, environmental remediation and framing had already been done for 150 guestrooms before the project stalled due to the recession.
Mark T. Snyder, president of Snyder Nationwide Real Estate, an international hotel brokerage firm based in Scottsdale, AZ stated, “The Phoenix hotel market suffered due to the recession as travelers cut back, companies curtailed conferences, and hotels slashed rates. However, with the recovery underway, we had tremendous interest in this building located just blocks from the newly expanded Phoenix Convention Center and in close proximity to Light Rail. Once the lien obstacles were worked though and contingencies removed, we were able to reach an amiable agreement for its sale. The massive, beautiful lobby will be one of the most spectacular in the Phoenix market.”