The Metro Plaza Hotel in Northwest Phoenix has been sold to a new owner, who plans to convert the hotel to a Radisson and reopen it in December 2014. The Phoenix Business Journal reports that the hotel will be fully remodeled, managed by San Diego-based R.A. Rauch & Associates and be open in time for the 2015 Super Bowl in Glendale.
“We have been watching the Phoenix hospitality market closely and see room to fill an important niche with this Radisson-branded property,” said Bob Moore, RAR SVP.
This will be RAR’s first property in the Phoenix market. Rauch told the Business Journal that he has been looking to get a property in the Phoenix market, and was waiting for the right time and the right investment.
The hotel market in Phoenix has been up and down. The average occupancy rates in hotels near Metro Center are around 50 percent and room rates average around $90, Rauch said. His firm anticipates 10 percent growth in the next three years.