December 3, 2024 10:28 am
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Rio Nuevo sues failed Tucson hotel

Via Hotels.com

By Cathalena E. Burch | Arizona Daily Star

Rio Nuevo is suing the owner of a downtown Tucson hotel that it financed after the owner announced the hotel would close.

The lawsuit, filed in Pima County Superior Court on Wednesday, May 17, alleges breach of contract and seeks $333,333 that Rio Nuevo provided to Citizen Hotel owner Moniqua Lane to renovate the former Tucson Citizen building at 82 S. Stone Ave. into a 10-room wine-centric boutique hotel.

The lawsuit alleges that Lane misrepresented herself as the sole owner of the building when she requested Rio Nuevo’s support in March 2022.

Lane had a minority ownership in the property with Sofonias Astatke and Equilibrium Real Estate Investments, listed as Equilibrium QOZB2C LLC. in Pima County Assessor records.

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