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 filed a notice of trustee sale earlier this week.
This notice states that on April 24 at the Arizona Superior Court building in downtown Phoenix, the Westin Tempe will be auctioned off to the highest bidder. The construction loan for this property was issued in 2019 by Dallas-based Hall Structured Finance to an entity connected with Las Vegas-based CAI Investments LLC for $86.5 million.
However, on December 15th of last year, CAI missed its deadline for a $5 million payment and also failed to pay its $600,000 modification fee and an $87
