UPDATE: Monti's is closing November 17.
A Kimpton Hotel is coming to downtown Tempe, according to a report from Phoenix Business Journal.
The 16-story, 247-room hotel will join the Hayden House (home to Monti's) at the southwest corner of Mill Avenue and Rio Salado Parkway. It will be part of a mixed-use complex that will include restaurants and retail space. A 15-story office tower will be built just west of the hotel.
See also: Graduate Tempe Hotel to Open Near ASU
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Kimpton already has two hotel properties in the Valley, Hotel Palomar in downtown Phoenix and Old Town Scottsdale's FireSky Resort and Spa. The boutique hotel company has not announced specifics on the Tempe hotel.
Douglas Wilson Companies plans to break ground on the project in mid-2015. Construction is slated for completion in 2017.