Westin Tempe hotel faces foreclosure sale less than 3 years after opening
Feb 5, 2024, 4:05 AM
(Photo provided by Westin Tempe)
The Westin Tempe faces a potential foreclosure sale after failing to make its loan payments.
The lender for the 290-room hotel near Seventh Street and Mill Avenue in downtown Tempe filed a notice of trustee sale earlier this week, according Maricopa County records. Such notices inform borrowers and property owners they are facing a potential foreclosure and auction sale.
The notice said that the 18-story hotel, which opened in 2021, will be auctioned off to the highest bidder on April 24 at the Arizona Superior Court building in downtown Phoenix.
The construction loan for the Westin Tempe was issued in 2019 by Dallas-based Hall Structured Finance to an entity connected to Las Vegas-based CAI Investments LLC for $86.5 million. Hall’s president, Mike Jaynes, said at the time that the Tempe hotel’s “premier location in this market” and Westin and Marriott’s loyalty program made the project “a great fit for our loan program.”