AC Marriott Hotel En Route in Downtown Phoenix
- Nov 23, 2017
Parallel Capital Partners signed a contract with developer LaPour Partners to build a 200-key AC Hotel by Marriott within the iconic Arizona Center, a one million-square-foot mixed-use project in Phoenix.
The luxury hotel will be located on a 49,190-square-foot parcel on 5th St., between Filmore and Van Buren Streets. The 15-story building will overlook a three-acre urban park, part of the Arizona Center development, which features multiple upscale restaurants, bars and entertainment venues. The hotel’s design will blend classic and modern styles. Construction is slated to begin in early 2018.
In the Heart of the city
AC Hotel Downtown Phoenix at Arizona Center is centrally-located, with a plethora of destinations within reach. Multiple Arizona State University buildings are within walking distance, including the downtown campus. A theater center, Symphony Hall and Arizona Science Center are situated a few minutes away from the upcoming hotel. Interstates 10 and 17 are also nearby, offering convenient access to other parts of the city. Phoenix Sky Harbor International Airport is situated about seven minutes away.
“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. We are excited to partner with LaPour on this important hotel project and bring another much-desired element to this iconic mixed-use space,” said Matt Root, CEO of Parallel Capital Partners, in a prepared statement.
Arizona Center was acquired in 2015 by a joint venture of Parallel Capital Partners and Angelo, Gordon & Co., for $126 million. Major renovations are underway at the property, including the addition of a 31-story residential tower, slated to break ground in 2018.
Image courtesy of Parallel Capital Partners