Chicago-Based Company Purchased Recently Opened Hotel
LaPour Partners has sold its 199-room, 13-floor AC Hotel at Arizona Center in downtown Phoenix to Arbor Lodging Properties, a Chicago-based hotel investment and management firm.
The hotel opened in February of this year as a joint venture with Dallas-based NewCrest Image and Peachtree Hotel Group.
The AC Hotel is located within Arizona Center, a 1 million square foot mixed-use development of shopping, entertainment, dining, and prime office space, and is the newest lifestyle hotel in downtown Phoenix.
“This sale speaks to the optimism and strength of the downtown Phoenix market,” said Jeff LaPour, President of LaPour Partners. “There is a lot happening downtown right now, and the investor appetite for new, high-quality, well-located, lodging assets in growth markets continues to increase in the post-pandemic economy.”
The AC Marriott Downtown Phoenix provides a compelling new option for travelers and is positioned to serve the convention, event travel, medical and education sectors as travel continues to grow. But in the meantime, it is welcoming its first guests who are enjoying its modern, European-influenced feel as the first upscale, select-service and boutique hotel in the downtown market.
The 13-story, 199-room hotel blends contemporary, minimalistic European design with the latest high-tech amenities. In guestrooms, for example, “floating” furniture enables travelers to use space as suits their needs, while public areas feature dramatic locally commissioned artwork alongside finishes of wood and stone accented by chrome.
Based in Chicago, Arbor Lodging Partners is a national debt and equity investor in the hospitality industry with a broad portfolio of properties across the United States. The company has more than 15 brands under management and owns 36 hotels nationwide.
LaPour said that the sale was somewhat unexpected, as the company has been expanding its presence in the Valley over the past few years. LaPour Partners also is a partner in the AC Marriott hotel in the Biltmore area of Phoenix, and has several industrial holdings in the market as well.
“Our initial business plan was to hold the property, but we received an unsolicited offer on attractive terms so it made sense for us to proceed with the transaction,” he said. “This is an example of how well the Phoenix market is performing and why we are bullish on expanding our presence in the Valley.”