A investment consortium from San Diego and Modus Developmentare close to buying the Hotel Monroe building in downtown Phoenix for close to $8 million and redevelop it into a 150-room boutique hotel. Grace Communities bought the downtown building in 2007 via a $27-million loan from Mortgages Ltd.
ML Manager is a receivership company formed after the Chapter 11 bankruptcy of Mortgages Limited. ML Manager has owned and has been trying to sell the 82-year-old Monroe building since foreclosing on Grace Communities in 2010.
A sale could close by September 23 said Mark Winkleman, COO of ML Manager LLC, and as reported by the Phoenix Business Journal.
The 157,000-square foot building was built in 1931 and is on the National Register of Historic Places.
Winkleman said the group has formed a real estate entity called Grasshopper One LLC as part of its purchase effort.
A $7 million bid to buy Hotel Monroe by Evergreen Development Co. Inc. fell short last year as did some other sales efforts.