Aperture Hotels Purchases Historic Downtown Phoenix Building
The firm acquired the 104-year-old Ellis Building for $10.3 million to develop a new boutique hotel.
Updated on Oct. 22, 2026 in Commercial
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On October 6, 2026, Aperture Hotels completed the purchase of the historic Ellis Building in downtown Phoenix for $10.3 million. The company plans to convert the 61,000-square-foot property into a boutique hotel.
Why it matters
The redevelopment effort aims to repurpose the aging structure, addressing the cooling demand for traditional office space in the city core. Converting the historic site into a hotel aligns with efforts to revitalize downtown properties.
The Ellis Building, which was originally constructed in 1922 and expanded in 1928, sits at the corner of Second Avenue and Monroe Street. The site is slated to house between 95 and 105 guest rooms along with a new ground-floor restaurant and bar.
The players
Aperture Hotels
This hospitality firm specializes in the acquisition and development of hotel properties.
Equus Development Corp.
This organization is a real estate development firm that previously held ownership of the Ellis Building.
The details
The project involves a full transformation of the historic building into a Marriott Tribute Portfolio hotel. Phoenix officials officially approved the conversion plans for the downtown site in May 2026.
Timeline
The original Ellis Building construction was completed in 1922.
Equus Development Corp. purchased the property in 2019.
The city approved hotel conversion plans in May 2026.
The transaction closed on October 6, 2026.
Culture Shift
This project follows the pattern set by the Security Building redevelopment project, which is currently undergoing a $135 million transformation into a 255-room hotel. The trend reflects a broader shift toward repurposing historic office assets for the hospitality sector.
Residents and visitors should anticipate construction activity at the intersection of Second Avenue and Monroe Street as the site undergoes its transformation. The project will eventually add new dining and lodging options to the downtown neighborhood.
The takeaway
Historic preservation can provide a viable path for aging properties that no longer serve their original office purpose. Repurposing these structures helps maintain architectural character while meeting modern demand for boutique lodging.
Further reading
Learn more about the local market in Phoenix Commercial.
Source note: This article includes information reported by The Times of India.
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