Namastay Development and Hospitality Capital Partners are planning to renovate and rebrand Old Town Scottsdale’s The Monarch.
Originally built in 1975, the 194-room hotel on Drinkwater Blvd. will soon see an extensive renovation, with upgrades to guest rooms, common space, food and beverage components and exterior features. The Monarch will also be rebranded as “Hotel Solaya.”
The design firm is Studio 11. Property management will be by Dreamscape Hospitality.
Funding for the renovation comes via a $23.5M mezzanine loan provided by Lionheart Strategic Management and Schroders Capital. The transaction was led by Andy Klein and Randal Gleeson with Lionheart and Paul Bratten with Schroders. (Source)
