Historic Phoenix office tower sold for $10.3m to become Marriott boutique hotel

The 1922 Ellis Building in Phoenix has been sold for $10.3 million and will be converted into a boutique hotel. Aperture Hotels will manage the property, which will be affiliated with Marriott's Tribute Portfolio. The redevelopment is intended to revive the landmark after earlier attempts to repurpose it did not succeed. Plans call for roughly 95 to 105 guest rooms, along with a modern restaurant and bar. The project follows a similar trend of downtown Phoenix developments.