Arizona Center Development

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https://www.bizjournals.com/phoenix/news...om-15-story-hotel-coming-to-arizona.html


An AC Hotel by Marriott (Nasdaq: MAR) is slated for development at the Arizona Center in downtown Phoenix.

The planned hotel will be 15 stories and have 200 rooms. It is being developed by Las Vegas-based LaPour Partners.

The Arizona Center is at Third and Van Buren streets in downtown Phoenix. It is going through renovations to its retail and restaurant areas.

LaPour is under contract for a 49,190-square foot parcel on the Fifth Street side of the Arizona Center development for the new hotel.

“Downtown Phoenix is a true destination, and soon Arizona Center will be able to host out-of-town visitors in the heart of it all,” said Matt Root, CEO and managing partner for Parallel Capital Partners, owners of Arizona Center. “We are excited to partner with LaPour on this hotel project, and bring another much-desired element to this iconic mixed-use space.”

The Arizona Center is home to two big office towers. One houses the headquarters of Pinnacle West Capital Corp. (NYSE: PNW). That is the parent of the Arizona Public Service Co. utility. The other is home to heavyweight law firm Snell & Wilmer LLP.

The development is also home to Starbucks (Nasdaq: SBUX) and AMC Theatres cineplex (NYSE: AMC) as well as offices and restaurants.

A new 31-story apartment tower is also being developed at the downtown development

Parallel Capital Partners and Angelo Gordon and Co. bought the Arizona Center for $126 million in 2015.

The 31-story residential tower is slated to begin construction in 2018 and construction of the AC Hotel is scheduled to begin in April 2018.

The AC Hotel joins several other new hotels in the downtown Phoenix area that have been built or are under construction.

“With so much growth and change happening in downtown Phoenix, Arizona Center is the ideal place for an AC hotel,” said LaPour President, Jeffrey LaPour. “This new AC hotel will be across the street from Phoenix Bio-Medical campus and walkable to ASU’s downtown campus as well as the major sporting events, concerts, and countless other downtown activities including all of the new amenities coming to Arizona Center.”