The Westin in Tempe, a suburb of Phoenix (AZ), opened its doors in 2021 and was funded with an $86.5 million construction loan, and additional equity, with Around $8 million paid for the prime site located in the center of Tempe's business district.
The owner had the hotel on the market for $115 million with a 25-year NNN sale-leaseback by the hotel operator prior to defaulting on the loan.
The 18-story, 290-room hotel includes amenities such as a rooftop pool lounge, a full-service restaurant, a coffee shop, and over 14,000 square feet of convention space​.
Last week the property was set for the auction block after initially being scheduled for April 25 and delayed six times until May 17.
