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Phoenix & Southwest  + Phoenix  + Hospitality  | 
CAI on hook for Westin Tempe

Westin Tempe Goes to Auction

The owner of the Westin Tempe can’t make the loan payments, and unless something changes soon, it faces a foreclosure sale.

The Phoenix Business Journal reports the lender for the 290-room hotel near Seventh Street and Mill Avenue in downtown Tempe filed a notice of trustee sale earlier this week.

The notice said that the 18-story hotel opened in 2021 and will be auctioned off to the highest bidder on April 24 at the Arizona Superior Court building in downtown Phoenix.

The construction loan for the Westin Tempe was issued in 2019 by Dallas-based Hall Structured Finance to an entity connected to Las Vegas-based CAI Investments LLC for $86.5 million.

On Dec. 15, 2023, CAI missed a $5 million payment deadline, while also failing to pay its $600,000 modification fee and a $87,347 tax escrow payment, according to the notice of trustee sale.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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