Arbor Lodging Partners, a Chicago-based hotel investment and management company, 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, Talking Stick Resort Arena, the Arizona State University downtown campus, and many other sports arenas, restaurants, and local attractions. In addition to 199 luxurious rooms and suites, the hotel also houses the AC Lounge and the AC Kitchen, which, according to the company, “serve a European-style breakfast and can also accommodate special culinary events”. Not to mention the sturdy function rooms that the hotel is built into. The company that acquired the hotel is an award-winning brand that received the Merger & Acquisition of the Year 2020 Award from the Americas Lodging Investment Summit (ALIS) for its sizeable acquisition of the 12 hotels portfolio in January 2020. “Downtown Phoenix Growth Phoenix is the fastest growing city in America today, overtaking Philadelphia last year to become the fifth largest city in the country by population. In addition to rapid population growth, wages are also rising. “With a personal income growth rate of 8.4%, Arizona had the fastest personal income growth rate in 2020, Montana,” said Arizona Governor Doug Ducey after an analysis by the Bureau of Economic Statistics was published earlier this year. While the pandemic stifled hospitality growth in Phoenix and Arizona, “business and travel-related restrictions related to COVID-19 were less stringent in Phoenix than other markets, making tourism and group business possible”. Despite the pandemic, “23 new hotels were built in Arizona in 2020 despite poor hotel performance.” Arbor Lodging Partners’ bet on Arizona and Phoenix is a preview of the post-COVID growth that the state and Valley will continue to experience as vaccinations continue to spread and the world recovers from the coronavirus.
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