CAI Investments Closes $86.5 Million Construction Loan for Future Westin Hotel in Tempe
CAI Investments LLC, a property manager/developer and private placement sponsor, has closed the construction loan for the Westin by Marriott hotel in Tempe, Arizona.
CAI Investments LLC, a property manager/developer and private placement sponsor, has secured financing for construction of the Westin by Marriott hotel in Tempe, Arizona. Construction began in March 2019, and the hotel is anticipated to open during the second quarter of 2021.
“As we continue to move forward with construction, we are delighted to have our financial partners in place,” said Chris Beavor, CEO and founder of CAI Investments. “It’s exciting to watch the foundation being dug and cranes moving in. We look forward to seeing it rise floor by floor.”
He added, “Downtown Tempe is growing. We realized that with Arizona State University and multiple Fortune 100 companies located just blocks from our hotel, demand generators exist to potentially make this hotel a diamond in the desert.”
The 18-story, 290-room hotel will sit on a nearly one-acre parcel in downtown Tempe and will include a rooftop pool lounge, a fitness studio, full-service restaurant, and coffee shop, as well as 14,000 square feet of convention space and meeting rooms.
Headquartered in Las Vegas, CAI Investments is a vertically integrated real estate development company that finances, develops and manages commercial properties in key markets across the United States.
