MESA, AZ — An East Valley hotel that has stood for nearly 40 years is getting a needed facelift and new use.
Neighborhood Ventures, a Phoenix real estate crowdfunding company that specializes in value-add investments, received approval on May 20 from Mesa City Council to rezone a 3-acre site home to the former American Inn & Suites on Country Club Drive at Southern Avenue.
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Neighborhood Ventures will convert the hotel into a 120-unit multifamily building called Venture on Country Club.
This has been a vision nearly three years in the works after the firm purchased the hotel in August 2021 and operated it as an Airbnb.
It will be the first hotel-to-housing conversion by Neighborhood Ventures.
According to an affidavit of property value, the company paid just over $13 million for the property.
Read more of this story from the Business Journal.
