ARIZONA NEWS

Tempe Westin owners secure $93M loan extension, keep control of hotel

Jun 17, 2024, 4:15 AM | Updated: 11:35 am

Tempe Westin...

The Westin Tempe, 11 E 7th St, Tempe, Arizona. (Jim Poulin/Phoenix Business Journal)

(Jim Poulin/Phoenix Business Journal)

The owners of the 290-room Westin Tempe have negotiated a significant loan extension and will retain control of the hotel after it faced the risk of being sold at auction.

Las Vegas-based CAI Investments, the private company that developed and owns the Westin Tempe, announced it has secured a $93 million extension loan from its original lender, Dallas-based Hall Structured Finance.

The three-year-old hotel is located at 11 East 7th St. in downtown Tempe.

Hall issued a cancellation of notice of sale on June 4, according to the Maricopa County Recorder’s Office.

In 2023, CAI was trying to refinance the property, and even received several term sheets from CMBS lenders and private debt funds, but several macroeconomic factors impacted the availability of refinancing and exit options.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Tempe Westin owners secure $93M loan extension, keep control of hotel