The owners of the 290-room Westin Tempe have negotiated a significant loan extension and will retain control of the hotel after it faced the risk of being sold at auction.
Las Vegas-based CAI Investments, the private company that developed and owns the Westin Tempe, announced it has secured a $93 million extension loan from its original lender, Dallas-based Hall Structured Finance.
The three-year-old hotel is located at 11 East 7th St. in downtown Tempe.
Hall issued a cancellation of notice of sale on June 4, according to the Maricopa County Recorder’s Office.
