Historic Phoenix Office Tower Sold for 10.3 Million Dollars to Become Boutique Hotel

The historic Ellis Office Tower located in downtown Phoenix, Arizona, has been sold for $10.3 million. Built in 1922, the six-story historic building spanning around 61,000 square feet will soon be converted into a 100-room luxury boutique hotel at the intersection of Second Avenue and Monroe Street.

This new redevelopment project will be executed and managed by Aperture Hotels in partnership with Marriott's Tribute Portfolio. Aperture Hotels is undertaking the restoration work in collaboration with Acumen Development Partners.

Previous efforts to redevelop the vacant historic property into modern office spaces or residential units had failed. Under the new plans, the historic structure is being revived with a ground-floor modern restaurant and bar, along with 95 to 105 hotel rooms. The management aims to complete the renovation and launch the hotel by 2028.