MAIN STREET MINUTE

Renaissance Square office towers in downtown Phoenix under new ownership

Dec 26, 2016, 11:51 AM
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KTAR’s Main Street Minute focuses on local businesses that are hiring, opening and hosting events across the community. These stories air each weekday on KTAR at 7:27 a.m.

• The Renaissance Square office towers in downtown Phoenix are getting new owners. According to the Phoenix Business Journal, Oaktree Capital Management LP and Cypress Office Properties LLC purchased the office towers for $150 million. The new owners are planning to spend $50 million for improvements to the lobby, plaza and conference center, the business journal said.

• Apartment complexes in the Valley continue to be a hot commodity as CityScape residents in downtown Phoenix just sold for $75 million, or $3,335 per unit. According to Business Real Estate Weekly of Arizona, the complex was purchased by Invesco Real Estate. The sale comes after it was reported last week that a record $4.5 billion worth of apartment sales occurred in the Valley, according to ABI Multifamily.

• Americans are expected to spend more when traveling in 2017, but still plan to take the same amount of trips as in 2016. According to its annual travel survey, Choice Hotels found that Americans said they plan on taking three trips in 2017, which is in line with 2016, however they plan on spending more — going from $3,572 to $5,063.

“Even though Americans are busier than ever, our survey reinforces that travel matters,” said Patrick Pacious, president and chief operating officer of Choice Hotels International. “People are willing to spend significantly more than last year to explore new places.”

According to the survey, 43 percent of Americans plan on splurging on food and beverages while accommodations take up 30 percent of their travel budget. A majority plan to head to beach destinations like Florida and California, while others plan other trips including 48 percent to off-the-beaten path destinations, 47 percent to urban cities and 39 percent to mountain destinations.

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Renaissance Square office towers in downtown Phoenix under new ownership