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Marriott Scuttles Two Hotels, Sells Land

PHOENIX-Alliant Partner of Tampa Bay, FL and Orix Real Estate of Chicago start talks for half the tract and end up with the whole shebang for $10 million. A retail project replaces Marriott's plan for a Residence Inn and Springfield Suites.

By Beverly Ford | Updated on December 29, 2002

PHOENIX-Marriott International Corp. has scrapped its plans to build two hotels on an 8.7-acre parcel at the intersection of Camelback Road and 16th Street. Instead, its sold the land to a pair of real estate investment firms planning to develop it into a new retail outlet.

Alliant Partners of Tampa Bay, FL and Orix Real Estate Equities of Chicago originally intended to buy half the parcel. Midway through negotiations, Marriott offered them the entire site for $10 million. “They decided midstream that for the price we were paying for the land we might as well take the whole thing,” Colliers International’s Larry Ortega tells GlobeSt.com.

Marriott originally planned to build a Residence Inn and a Springfield Suites on the site, but scrapped the idea because of a downturn in the hospitality industry following the Sept. 11 terrorists’ attacks, Marriott’s representative in the deal, Art Cunningham of Cunningham Real Estate, said.

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