NEWGEN ADVISORY | Successful Closing
October 8, 2026
PHOENIX – NewGen Advisory has completed the sale of the historic Ellis Building in Downtown Phoenix, marking the next chapter for a nearly century-old office property that the buyer plans to convert into a Tribute Portfolio by Marriott hotel.
Kishan Gohel, Senior Vice President at NewGen Advisory, listed the property and represented the seller in the transaction.
Located at 135 N. 2nd Ave., the six-story Ellis Building was originally constructed in 1922 and encompasses approximately 60,844 square feet on 0.21 acres. The property was marketed as an adaptive-reuse opportunity with the potential to accommodate approximately 95 to 105 hotel rooms, along with restaurant and bar space on the first floor.
What makes the transaction particularly notable is the building’s history and the buyer’s planned use. Originally developed as a four-story office and retail building in 1930, the Ellis expanded to six stories in 1928 and later underwent a major exterior redesign in 1962. For years, it also served as office space for the City of Phoenix. More recently, ownership began restoring elements of the building’s original 1920s Art Deco character while repositioning it for modern use.
The buyer now plans to carry that history forward through a boutique hotel conversion under Marriott’s Tribute Portfolio brand.
Tribute Portfolio is Marriott’s upscale soft-brand collection focused on independent, character-driven hotels. The brand allows distinctive properties to retain their individual identity while benefiting from Marriott’s global distribution platform, Bonvoy loyalty program and operational support. The Ellis Building’s historic architecture and downtown setting made it a natural fit for that type of adaptive-reuse strategy.
“The Ellis Building was a unique opportunity because it combined historic character, a strong downtown location and a clear path toward hospitality reuse. Rather than looking at the property solely as a former office building, we were able to position its history and architecture as part of the value proposition. The buyer’s plan to bring the building back to life as a Tribute Portfolio hotel is an exciting next chapter for the asset and for Downtown Phoenix.”
“The Ellis Building was a unique opportunity because it combined historic character, a strong downtown location and a clear path toward hospitality reuse. Rather than looking at the property solely as a former office building, we were able to position its history and architecture as part of the value proposition. The buyer’s plan to bring the building back to life as a Tribute Portfolio hotel is an exciting next chapter for the asset and for Downtown Phoenix.”
The property sits in the heart of downtown Phoenix near several of the city’s major demand generators, including the Phoenix Convention Center, Chase Field, the home of the Phoenix Suns and Mercury, and Arizona State University’s Downtown Phoenix campus. The building is also located within a Qualified Opportunity Zone.
The offering was positioned around the opportunity to transform a former office property into a hospitality asset without pursuing a ground-up development. NewGen Advisory highlighted the potential for adaptive reuse, faster time to market compared with new construction and the ability to preserve the property’s historic character while creating a differentiated downtown hotel product.
The conversion also reflects a broader trend NewGen continues to see across hospitality real estate: existing buildings with strong locations and distinctive architecture can offer investors an alternative path to hotel development, particularly when the real estate lends itself to adaptive reuse. For the Ellis Building, that next chapter will preserve the identity of a property that has been part of Downtown Phoenix for more than 100 years while introducing a new hospitality use designed for the modern traveler.
For owners considering the sale or repositioning of distinctive hospitality or adaptive-reuse assets, and for buyers seeking similar opportunities, NewGen’s Senior Vice President, Kishan Gohel, can provide strategic guidance and market insight.
NewGen Advisory is a hospitality investment advisory firm founded by professionals who entered the industry through ownership, operations and investment rather than brokerage. Its founders have managed hotels, navigated renovations, evaluated acquisitions and worked through market cycles, making the same decisions clients face every day. That experience shapes every valuation, marketing strategy, negotiation and recommendation the firm provides.
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© 2026 NewGen Advisory. All rights reserved. This article is intended for informational purposes and does not constitute investment advice.