SunCor Development Co. Tuesday will announce the name of what officials are calling a luxury hotel from a big name in the hospitality industry, to be built in Tempe’s Hayden Ferry Lakeside development.
Sources told The Business Journal that this hotel will catapult Tempe into the luxury tourism market. Years ago the Peabody Hotel was interested in the area, but the deal fell through. SunCor was not part of that proposal.
SunCor officials told The Business Journal Friday that they’ve been working on bringing in a luxury hotel to the site for five years and that they’ve turned down 25 offers so far. They said this final selection has been a year in the making.
On tap to make the announcement will be SunCor President and Chief Executive Steve Betts, joined by Arizona Office of Tourism director Margie Emmermann, Tempe Mayor Hugh Hallman and a representative of the hotel.
SunCor, with an asset base of $450 million and a net worth of more than $300 million, has thousands of acres under development in Arizona, Idaho, New Mexico, and Utah.
SunCor’s development of Hayden Ferry Lakeside features office space, retail and high-end condominiums.
SunCor is a wholly owned subsidiary of Pinnacle West Capital Corp. (NYSE: PNW). Pinnacle West also is the holding company for Arizona Public Service Co., Arizona’s largest electric utility.
The Business Journal of Phoenix
by Diane Arthur and Christia Gibbons
