August 22, 2019
CAI Investments LLC obtained $86.5 million in construction financing for the 290-key Westin Tempe, in downtown Tempe, AZ. The Las Vegas developer broke ground on the 18-story hotel in March 2019, with completion and opening scheduled for Q2 2021.
“We are pleased to have closed the construction loan for the Tempe Westin,” said CAI Investments’ Chris Beavor. 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.”
Situated on 0.85 acres at 11 E. 7th St., the Tempe Westin will offer a rooftop pool lounge, fitness studio, full-service restaurant and coffee shop. Also included will be 14,000 square feet of meeting space.
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