Parallel Capital Partners to Develop AC Hotel by Marriott at Mixed-Use Arizona Center
PHOENIX, AZ. November 16, 2017 - San Diego-based Parallel Capital Partners - which acquired the Arizona Center in a joint venture in late 2015 - has announced plans to add a 200-room AC Hotel by Marriott to the Class A, mixed-use property, located at 3rd St. and Van Buren in downtown Phoenix. Las Vegas-based LaPour Partners is currently under contract for an undisclosed amount for the 49,190-square-foot parcel on 5th Street between Fillmore Street and Van Buren Street with construction of the hotel slated to begin in April 2018.
“Downtown Phoenix is a true destination, and soon Arizona Center will be able to host out-of-town visitors in the heart of it all,” said Matt Root, CEO and managing partner for Parallel Capital Partners, which together with Angelo, Gordon and Co. acquired Arizona Center for $126 million in December 2015. “We are excited to partner with LaPour on this important hotel project and bring another much-desired element to this iconic mixed-use space.”
A 200-key upscale, urban-inspired select-service property, AC Hotel Downtown Phoenix at Arizona Center will soar 15 stories into the Phoenix skyline. The design will be classic, yet modern and includes a fitness center as well as the only rooftop bar, pool, and lounge in downtown Phoenix. The hotel overlooks a three-acre urban park lined with exciting new restaurants, retail and entertainment at the heart of Arizona Center.
“With so much growth and change happening in downtown Phoenix, Arizona Center is the ideal place for an AC hotel,” said LaPour president Jeffrey LaPour. “This new AC hotel will be across the street from Phx Bio-Medical campus and walkable to ASU's downtown campus as well as the major sporting events, concerts and countless other downtown activities including all the new amenities coming to Arizona Center.”
The AC experience has been designed to give guests the essentials of a beautiful stay and has created an experience unlike any other. Breakfast finds inspiration in European roots. Room service is replaced with the flexibility of a quick snack or evening tapas plates. Bartenders become true urban spirits who share the unique buzz of the city and all it has to offer. AC is a member of the Marriott family of brands, and there are 110 AC Hotels throughout Europe and North and Latin America.
Arizona Center has been undergoing a significant facelift since March 2017. Major renovations to the retail mall are already underway, and the addition of a 31-story residential tower is slated to begin construction in 2018.
For retail and office leasing information at Arizona Center, visit www.arizonacenter.com/retail-leasing/.
About Arizona Center
Arizona Center, located in the heart of downtown Phoenix at 3rd St. and Van Buren, is a one million-square-foot mixed-use project. It's where entertainment, shopping, events, dining and prime office space create a unique, centralized hub for all that downtown Phoenix has to offer. Amidst many Phoenix points of pride including the Phoenix Convention Center, many hotels, Talking Stick Resort Arena and Chase Field, the new Arizona Center is an urban downtown oasis. For more information, visit www.arizonacenter.com.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets in the Pacific Southwest, including Hawaii. Parallel's current property holdings include over five million square feet and a valuation of more than $1 billion with over two million square feet in the greater Phoenix metro area. For more information visit www.parallelcapitalpartners.com.