Tempe hotel will be bulldozed for 7-story student housing project

What's happening: A private student-housing developer purchased the 72-room hotel for $13.3 million last week in a deal two years in the making, hotel broker NewGen Advisory tells Axios Phoenix.

• The 1.4-acre lot will be revamped into a "state of the art" rental property with 479 bedrooms.

What they're saying: "With over 57,000 total enrolled students at ASU's Tempe location, this strategic development aligns with the increasing demand for high-quality student housing options in proximity to the university, providing a convenient and modern living experience for the student population," NewGen said in a statement.