The Westin Tempe, a 290-room hotel located near Seventh Street and Mill Avenue in downtown Tempe, is facing potential foreclosure due to the owner’s inability to make loan payments. According to the Phoenix Business Journal, the lender for this 18-story hotel has filed a notice of trustee sale at the Arizona Superior Court building in downtown Phoenix on April 24.
Inaugurated in 2021, this luxury hotel was financed by Dallas-based Hall Structured Finance through an $86.5 million construction loan issued to an entity associated with Las Vegas-based CAI Investments LLC. However, on December 15th of last year, CAI failed to meet its payment deadline of $5 million and also neglected its $600k modification fee as well as an $87k tax escrow payment according to the notice of trustee sale.
This unfortunate turn of events puts The Westin Tempe up for auction where it will be sold off to the highest bidder unless something changes soon.
