Chicago-based hotel investment and management company bets on Phoenix
Arbor Lodging Partners, a Chicago-based hotel investment and management company, recently announced its latest acquisition in downtown Phoenix. The AC Hotel Phoenix Downtown is located in the heart of downtown Phoenix, at 414 North 5th Street.
The location is near Chase Field, Talking Stick Resort Arena, the Arizona State University Downtown campus, and many other sports arenas, restaurants, and local attractions.
Boasting 199 luxury rooms and suites, the hotel is also home to the AC Lounge and AC Kitchen, capable of serving “a European-Style breakfast and can also accommodate special culinary events,” according to the company. This goes without mentioning the robust event spaces the hotel has built in.
The firm that acquired the hotel is an award-winning brand, honored by “Americas Lodging Investment Summit (ALIS) with the Merger & Acquisition of the Year 2020 award for its substantial 12-hotel portfolio acquisition in January of 2020.”
Downtown Phoenix’s growth
Phoenix is now the fastest growing city in America, and overtook Philadelphia this past year to become the nation’s fifth-largest city by population.
Beyond rapid population growth, wages are rising, too.
“With a personal income growth rate of 8.4%, Arizona tied with Montana for the fastest rate of growth in personal income in 2020,” Arizona Gov. Doug Ducey said after a Bureau of Economic Statistics analysis was released earlier this year.
While the pandemic depressed the growth of Phoenix and Arizona’s hospitality industry, “business- and travel-related restrictions related to COVID-19 have been less strict in Phoenix than in other markets, allowing for tourism and group business.” Despite the pandemic, “In 2020, 23 new hotels were built in Arizona despite the poor hotel performance.”
Arbor Lodging Partners’ bet on Arizona, and on Phoenix, are a preview of the post-COVID growth the state and the Valley will continue to experience as vaccinations become more widespread and the world recovers from the coronavirus.