CSM Lodging, a division of CSM Corporation, plans to renovate Phoenix’s former Valley Bank & Trust building into a premium select-service hotel. Budgeted as a $40 million project, the future Hotel Monroe will house 165 rooms across 12 floors.


Opening in 1932, the 13-story Art Deco building housed the offices for Valley Bank & Trust on the three lower levels and the Maricopa County Medical Society above. Designed in the classic deco style of the period with strong vertical lines, a central tower with setback wings and windows, and decorative grills above the main entrance doors, the building was later crowned with a rotating Valley Bank sign. This sign and the Valley Bank & Trust building received a nod in 1960 from the opening scenes of Alfred Hitchcock’s film, Psycho.
The project includes renovation of the exterior and the installation of insulated windows, new mechanical, electrical, and plumbing systems, and a full renovation of the former bank lobby inside, which will serve as the main reception and lobby bar. Along with the 165 guestrooms, the hotel will boast a rooftop terrace, 5,000 square feet of meeting space, a business center, and a 1,300-square-foot fitness center. The project will also include approximately 8,000 square feet of retail space along Central Avenue.
Currently the company is exploring branding options for the property, including Marriott and Hilton but appears to be focused on the Hilton Garden Inn brand, due to the lack of Hilton product in the downtown market.
