Daily Archives: April 21, 2008
[Source: Jahna Berry, Arizona Republic] — In the old days, high rollers stockpiled their money at Valley National Bank in downtown Phoenix. Todd Iacono hopes the jet set will return to the landmark and spend it. In October, the 1931 Professional Building, the former home of Valley National Bank, will become a luxury boutique hotel called Hotel Monroe, said Iacono, the hotel’s general manager.
A $100 million renovation will restore the vintage lobby and will create 150 hotel rooms in the former office tower, Iacono said. A local celebrity chef is crafting the menu for a hotel restaurant, a 1930s-themed diner and a pastry shop that will go on the first floor. This week, construction crews were cutting into the basement bank vault, which will become a wine bar. A nightclub is going on the roof, Iacono said. “You won’t just stay in Hotel Monroe, you will experience it,” said Iacono of the 12-story building at 15 E. Monroe St. [Note: To read the full article, click here.]