Arbor Lodging Partners, a Chicago-based hotel investment and management firm, recently announced its latest acquisition in downtown Phoenix. The AC Hotel Phoenix Downtown is located in the heart of downtown Phoenix at 414 North 5th Street.
The location is close to Chase Field, the Talking Stick Resort Arena, the downtown Arizona State University campus, and many other sports arenas, restaurants, and local attractions.
Boasting 199 luxury guest rooms and suites, the hotel also houses the AC Lounge and AC Kitchen, capable of serving “European-style breakfast and also accommodating special culinary events,” according to the company. This goes without mentioning the sturdy event spaces that the hotel has built.
The company that acquired the hotel is an award-winning brand, honored by “Americas Lodging Investment Summit (ALIS) with the Merger & Acquisition of the Year 2020 award for its significant portfolio acquisition of 12 hotels in January 2020.”
The growth of downtown Phoenix
Phoenix is now America’s fastest growing city and overtook Philadelphia last year to become the nation’s fifth largest city in terms of population.
Beyond the rapid population growth, wages are also increasing.
“With a personal income growth rate of 8.4%, Arizona is tied with Montana for the fastest personal income growth rate in 2020,” Arizona Gov. Doug Ducey said after the release of a Bureau of Economic Statistics analysis earlier this year.
While the pandemic has dampened the growth of the Phoenix and Arizona hotel industry, “COVID-19-related business and travel restrictions have been less stringent in Phoenix than in other markets, allowing the tourism and group affairs “. Despite the pandemic, “In 2020, 23 new hotels were built in Arizona despite poor hotel performance. “
Arbor Lodging Partners’ bet on Arizona and Phoenix is a glimpse into the post-COVID growth that the state and valley will continue to experience as vaccinations become widespread and the world recovers from the coronavirus.