The Westin in Tempe, a suburb of Phoenix (AZ), opened its doors in 2021 and was funded with an $86.5 million construction loan, and additional equity, with Around $8 million paid for the prime site located in the center of Tempe's business district.
The owner had the hotel on the market for $115 million with a 25-year NNN sale-leaseback by the hotel operator prior to defaulting on the loan.
The 18-story, 290-room hotel includes amenities such as a rooftop pool lounge, a full-service restaurant, a coffee shop, and over 14,000 square feet of convention space.
Last week the property was set for the auction block after initially being scheduled for April 25 and delayed six times until May 17.
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