Las Vegas-based CAI Investments, which finances, develops and manages properties across key U.S. markets, has broken ground on The Westin Tempe in Downtown Tempe, Arizona. The property, designed by RSP Architects, is scheduled to open in the third quarter of 2019.
The multi-million-dollar Westin Tempe will be a full-service business hotel that sits on nearly one acre of land. The 18-story, 290-room hotel includes a rooftop pool lounge, the brand’s signature fitness studio, a full-service restaurant, coffee shop, and more than 14,000 square feet of convention space and meeting rooms.
“We are honored to be able to partner with Westin Hotels to bring a top of the line, full-service hotel to the growing Downtown Tempe business district,” said Christopher Beavor, founder and manager of CAI Investments.
The hotel will stand at 11 E. Seventh St. near the Arizona State University campus and walking distance to Sun Devil Stadium. Crescent Hotels & Resorts Management will manage the property.
“Tempe has the second-highest hotel occupancy rate in the Greater Phoenix Metropolitan Area,” Tempe Mayor Mark Mitchell said. “This hotel will bring beautiful, full-service accommodations to the heart of our downtown that will allow us to welcome more people to Tempe and increase tourism revenues for our community.”
CAI Investments seeks to provide investment returns through the strategic acquisition and asset management of distressed real estate-based assets. The fully integrated company has 20 employees that manage the entire real estate development process.