Historic Phoenix hotel to reopen, Harkins Theatres plans new Valley locations; 5 other real estate deals to know

Historic Phoenix hotel to reopen, Harkins Theatres plans new Valley locations; 5 other real estate deals to know

Article Originally Posted By PhoenixBusinessJournal On February 10, 2022

The historic Egyptian Motor Hotel on Grand Avenue in Phoenix is reopening after a major restoration.

When it reopens on March 1, the Egyptian “will be a mecca for nightlife, live entertainment, hospitality and dining,” according to an announcement. Chilte, a pop-up restaurant and food truck for new-school Mexican street food, which will open its first brick-and-mortar location at the hotel. The hotel is at 765 Grand Ave. 

Longtime owners of The Las Palmas restored the property by partnering with Chicago-based hotel developer and management company Rebel Hospitality to create the new concept. In addition to Chilte, the hotel will have 49 retro modern rooms; Egyptian Live, a 250-seat outdoor bar and entertainment venue with games; and water and fire pit features to add to the ambience

“We are delighted to open the Egyptian and become an intrinsic and active contributor to Grand Avenue’s eclectic and creative corridor,” Rebel Hospitality Principal Gene Kornota said in a statement. “The independent spirit and creativity that exude from this community are in perfect harmony with the ethos of the Egyptian, and it’s what inspired us to create a destination that could seamlessly become an integral part of downtown Phoenix’s epicenter for innovators, artists, and creators. With a mission to connect people and their experiences, the Egyptian is a spirited place to welcome guests and locals alike and show them the best of what this vibrant neighborhood has to offer. We are grateful for the support we’ve received from the Grand Avenue Members Association, downtown Phoenix, and the local community.”

The original Egyptian Motor Hotel was built in the early 1950s, clad with iconic Egyptian emblems, exaggerated neon sign, and open-air concept, all of which have been preserved, according to the announcement.

Harkins Theatres plans to open a new dine-in theatre concept in the mixed-use development underway on the former site of Paradise Valley Mall in Phoenix and at Lake Pleasant Towne Center in Peoria, the Scottsdale-based company announced.

Construction is expected to start on the new Phoenix location in 2023, and the Peoria location is expected to open in the fourth quarter of 2022.

Harkins Ciné Grill will feature made-to-order dishes, craft cocktails, local beer and other traditional movie theatre fare. Orders will be delivered discreetly before the opening credits begin, without interrupting the moviegoing experience, according to the company.

Each theater will have a bar and lounge that will open out to an outdoor patio.

“We can’t wait to debut our new Lake Pleasant Ciné Grill to our friends, families and loyal guests in the Northwest Valley, and it is especially gratifying to return to Paradise Valley with our beautiful new theatre design that will offer the perfect combination of an immersive movie experience and restaurant-quality dining,” Mike Bowers, president and CEO of Harkins Theatres said in a statement. “We look forward to welcoming guests to settle into a comfy Ultimate Lounger enjoy a delicious meal, relax with handcrafted cocktail and lose themselves in the exceptional cinematic experience of Harkins Ciné Grill.”

Over in the East Valley, AZ202 Commerce Park, a newly constructed class A industrial project totaling 140,372 square feet in Chandler sold to Dallas-based Lincoln Property Company for $32.5 million, according to an announcement from Cushman & Wakefield. The seller of the project at 1600 S. Hamilton St. in Chandler was ViaWest Group.

Built in 2020, the two-building project is 100% leased to four tenants.

Executive Managing Director Will Strong, Associate Greer Oliver and Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller. Mike Haenel, Andy Markham, Phil Haenel and Brandon Borsheim also of the firm provided leasing advisory.

“AZ202 Commerce Park consists of a core investment of a fully leased class A industrial project in Phoenix, one of the nation’s best performing industrial markets as well as one of its fastest-growing cities,” Strong said in a statement. “Phoenix continues to thrive as a high-demand industrial market for occupiers and investors/developers and this multi-tenant asset provided strong potential to maintain stable occupancy and cash flow for the long-term.”