Feb 5, 2024 - News

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

A rendering of an apartment complex.

A rendering of the new student housing development. Courtesy of NewGen Advisory

Say goodnight and goodbye to Sleep Inn & Suites in Tempe, which will be bulldozed next month to make way for a seven-story student housing project across from ASU's main campus.

Why it matters: Adding more student-specific housing in Tempe's downtown further asserts ASU's dominance over the area.

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.

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