PHOENIX
CSM Lodging, a division of CSM Corporation, has announced plans for the renovation of the historic Professional Building (the former Valley Bank & Trust building) at North Central Avenue and Monroe Street in downtown Phoenix, and the property's conversion to a premium select-service hotel.
CSM Lodging plans an ambitious restoration of the 13-story, Art Deco structure, which is currently budgeted at $40 million. The project includes renovation of the historic Art Deco exterior and the installation of new insulated windows; new mechanical, electrical and plumbing systems; as well as full renovation of the soaring former bank lobby inside, which will serve as the main reception and gathering place for hotel guests. This space will include a lobby bar and a grab & go coffee area for guests.
The hotel will consist of 165 guestrooms on 12 floors, a rooftop terrace, 5,000 square feet of meeting space, a business center, 1,300-square-foot fitness center and on-site parking. The project will also include approximately 8,000 square feet of retail space along Central Avenue.
Additionally, CSM Lodging is actively exploring branding options for the property, including Marriott and Hilton, but appears to be focused on the Hilton Garden Inn brand, due to the lack of Hilton product in the downtown market.
