Snyder Nationwide Real Estate & Cassidy Turley Sell Downtown Phoenix Hotel
SCOTTSDALE, AZ - December 24, 2013 - Snyder Nationwide Real Estate, Inc. and Cassidy Turley are pleased to announce the sale of Hotel Monroe in Downtown Phoenix by C&M Loan, LLC and ML Manager, LLC to Grasshopper Development, LLC and CSM Corporation.
The Professional Building, recognized as the last major, historical, high-rise in Phoenix and the largest known limestone structure in Arizona, was erected in 1931 at the corner of Central Avenue and Monroe Street and originally housed the Valley National Bank and a medical office. The building was envisioned to become an upscale, 4-Star, boutique hotel, and a vast amount of structural work, environmental remediation and framing had already been done for 150 guest rooms before the project stalled due to the recession.
Mark T. Snyder, President of Snyder Nationwide Real Estate, a longstanding, international, hotel brokerage firm based in Scottsdale, AZ stated, “The Phoenix hotel market suffered due to the recession as travelers cut back, companies curtailed conferences, and hotels slashed rates. However, with the recovery underway, we had tremendous interest in this building located just blocks from the newly expanded Phoenix Convention Center and in close proximity to Light Rail. Once the lien obstacles were worked though and contingencies removed, we were able to reach an amiable agreement for its sale. The massive, beautiful lobby will be one of the most spectacular in the Phoenix market.”
For more information, please contact Mark T. Snyder at mark@brokerhotel.com or Jay G. Snyder at jay@brokerhotel.com or call 480-344-7500.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
