Argosy Real Estate Partners invests in Scottsdale hotel development project

Argosy Real Estate Partners (AREP), a firm specializing in opportunistic, value-add and core-plus real estate investments in the lower-middle market, has made a controlling investment in a hotel development project in Scottsdale, Ariz.

AREP plans to develop a compact full-service Curio by Hilton hotel on the development site, located on Camelback Road within the Old Town neighborhood of Scottsdale, an AREP spokesperson told IREI.

The price of the investment was not disclosed.

The region is an affluent, infill, high barrier-to-entry submarket that serves as the premier business, tourist and retail destination in the metropolitan area. Scottsdale encompasses approximately 30 million square feet of office space, making it the largest employment hub in the Phoenix metro.

Upon completion, the hotel will contain 169 rooms, a 4,500-square foot restaurant, an amenity deck with outdoor pool and bar, a fitness center, guest lounge, 3,200 square feet of meeting spac