Argosy Real Estate Partners Acquires Opportunity Zone Hotel Development Site in Scottsdale, Arizona
On June 27, 2019, Argosy Real Estate Partners (“AREP”) made a controlling investment in a hotel development project in Scottsdale, Arizona. The project is AREP’s second Qualified Opportunity Zone investment.
The development site is located on Camelback Road within the Old Town neighborhood of Scottsdale, an affluent, infill, high barrier-to-entry submarket that serves as the premier business, tourist and retail destination in the metropolitan area. It is within walking distance to Scottsdale’s recently revitalized downtown which features over 80 high-end retail and dining options, in addition to a vibrant arts and cultural scene. Additionally, Scottsdale encompasses approximately 30 million square feet of office space, making it the largest employment hub in the Phoenix metro.
AREP plans to develop a compact full-service Curio by Hilton hotel with construction commencing in the fall of 2019. Upon completion, the hotel will contain 169 rooms, a 4,500-square foot restaurant, amenity deck with outdoor pool and bar, fitness center, guest lounge, 3,200 square feet of meeting space, and underground parking. The boutique lifestyle hotel will attract both leisure and corporate travelers alike.
AREP is developing this project with Opwest Partners, an investment and development firm based in Phoenix with expertise in mixed-use, hospitality and resort properties.