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A San Diego development group is in the midst of buying the historic Hotel Monroe in downtown Phoenix in order to restore it to its former glory.

According to the Phoenix Business Journal, an investment consortium from San Diego and Modus Development in Phoenix are attempting to close the deal for nearly $8 million dollars.

Mark Winkleman, COO of ML Manager LLC, said the hotel will be redeveloped into a 150-room hotel.

The company has been trying to sell the 82-year-old hotel since 2010.

Winkleman also said the new buyers specialize in hotel development, especially historic sites.

The sale may be closed as soon as Sept. 23.

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