Trustee auction for 290-unit, Westin Tempe hotel delayed again, listed for sale at $115M ($396,551/room)

5/9/2024

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Phoenix Business Journal

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• Subcategory: Capital Markets: Debt, Hospitality: Hotel

• Tag: Foreclosure

The trustee auction for the 290-room Westin Tempe has been delayed a third time as the owners of the property search for a buyer. After Las Vegas-based CAI Investments LLC, the owner of the Tempe hotel, failed to make its loan payments, Dallas-based Hall Structured Finance, the lender, filed a notice of trustee sale in January. It is unclear why the auction has been delayed yet again.