TEMPE, Ariz., Aug. 21, 2019 /PRNewswire/ — CAI Investments, LLC is pleased to announce that it closed the construction loan for the Westin by Marriott hotel in Tempe, Arizona.

Construction on the Westin began in March 2019 and the anticipated opening is the second quarter of 2021.

“We are pleased to have closed the construction loan for the Tempe Westin,” said Chris Beavor, CEO and founder of CAI Investments, LLC. “As we continue to move forward with construction, we are delighted to have our financial partners in place. It’s exciting to watch the foundation being dug and cranes moving in. We look forward to seeing it rise floor by floor. 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.”

The multi-million-dollar hotel sits on a +/- .85-acre parcel in the heart of downtown Tempe. The 18-story, 290-room hotel is planned to feature state-of-the-art guest rooms and corridors with custom-designed elements and artwork as well as energy conservation practices. The Westin Tempe hotel will also feature a rooftop pool lounge, the brand’s signature WestinWORKOUT fitness studio, full-service restaurant, and coffee shop. Additionally, more than 14,000 square feet of convention space and meeting rooms will be a magnet for events in the Tempe area. With Westin’s signature wellness initiatives offered for travelers and local residents alike, the hotel is poised to set a new standard for well-being in the region.

Source: https://finance.yahoo.com/news/cai-tempe-hotel-partners-closes-162300184.html