Downtown Tempe to get 11-story hotel

A flurry of development and new business openings in downtown Tempe in recent months soon will continue with the construction of an 11-story hotel. The East Valley Tribune reports (http://bit.ly/IVPPkg ) that the Miami-based Finvarb Group now has a building permit for a Residence Inn by Marriott and could begin work at any time. Nancy Hormann, executive director of the Downtown Tempe Community, says the hotel is a response to high room-occupancy rates in Tempe and a shortage of hotels downtown. Finvarb started working on the project at least as far back as 2006. Plans got sidelined during the recession, and it was delayed again a year ago as the developer worked to secure financing. The 173-room hotel will include some retail space and a rooftop pool.

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