San Diego-based Parallel Capital Partners—which acquired the Arizona Center in a joint venture in late 2015—is planning to add a 200-room AC Hotel by Marriott to the Class A, mixed-use property, located in downtown Phoenix. Las Vegas-based LaPour Partners is currently under contract for an undisclosed amount for the 49,190-square-foot parcel, with construction of the hotel slated to begin in April 2018.
“Downtown Phoenix is a true destination, and soon Arizona Center will be able to host out-of-town visitors in the heart of it all,” Matt Root, CEO and managing partner for Parallel Capital Partners, said in a statement. PCP, together with Angelo, Gordon and Co., acquired Arizona Center for $126 million in December 2015. “We are excited to partner with LaPour on this important hotel project and bring another much-desired element to this iconic mixed-use space.”
AC Hotel Downtown Phoenix at Arizona Center, a 200-key, upscale, urban-inspired select-service property, will stand 15 stories tall and have views of the Phoenix skyline. The design will include a fitness center as well as the only rooftop bar, pool and lounge in downtown Phoenix. The hotel overlooks a three-acre urban park lined with new restaurants, retail and entertainment at the Arizona Center.
“With so much growth and change happening in downtown Phoenix, Arizona Center is the ideal place for an AC hotel,” Jeffrey LaPour, president of LaPour Partners, said in a statement. “This new AC hotel will be across the street from Phx Bio-Medical campus and walkable to ASU’s downtown campus as well as the major sporting events, concerts and countless other downtown activities including all the new amenities coming to Arizona Center.”
AC is a member of the Marriott family of brands, and there are 110 AC Hotels throughout Europe and North and Latin America. Arizona Center has been undergoing a significant facelift since March 2017. Major renovations to the retail mall are already underway, and the addition of a 31-story residential tower is slated to begin construction in 2018.