Tempe Westin owners secure $93M loan extension, keep control of hotel

6/12/2024

|

Phoenix Business Journal

|

• Subcategory: Capital Markets: Debt, Hospitality: Hotel

• Tag: Auction

• Additional Filters-Subcategory: Capital Markets: Debt-Loan

• Additional Filters-Tags: Loan Extension

The owners of the 290-room Westin Tempe have negotiated a significant loan extension and will retain control of the hotel after it faced the risk of being sold at auction.

Las Vegas-based CAI Investments, the private company that developed and owns the Westin Tempe, announced it has secured a $93 million extension loan from its original lender, Dallas-based Hall Structured Finance.