In early 2012, the property at 1100 N. Central Ave. will re-open as a non-branded boutique hotel and art gallery, said Tim Sprague, a principal at Habitat Metro, one of three development groups that purchased the hotel in January.
The Lexington's art gallery should set it apart, Sprague
In addition, the property's face-lift likely will make the "new" Lexington hardly recognizable when compared with its former self.
Even its name will change, Sprague
said, although he
did not say what the new name would be.
Renderings of the post-renovation property show an expanded ground floor where the art gallery will be located.
That space will double as a meeting area, Sprague
To allow for the 8,000- to 10,000-square-foot expansion, the hotel's existing porte-cochere, or vehicle entrance, will be enclosed.
The Lexington's existing restaurant will be redone and slightly expanded, and all its 108 rooms will undergo a full remodeling.
The finished product: a three- to four-star hotel with rates averaging between $175 and $200 per night, Sprague
That compares to the hotel's lowest rate of $99 on Feb. 9, according to its website.
"We feel the downtown hospitality market is very ripe in terms of a unique niche arts hotel," Sprague
Development will continue when market conditions improve, Sprague
The Lexington is the first hotel project for the development group.
and its partners purchased the property from NCA Hotel Partners LLC
for $4.8 million on Jan. 19, documents from IonData show.
That was only about seven months after NCA Hotel Partners
, the property's lender, absorbed the hotel at a foreclosure auction, according to Sprague
and filings at the Maricopa County Recorder's
NCA Hotel Partners
was the property's lender for only a short stint before the property went into foreclosure, Sprague
NCA partner Peter Gooding is one of several investors who will finance the Lexington's renovation project, Sprague said.