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PHOENIX -- After 39 years, the landmark Twin Palms Hotel in downtown Tempe will soon shut its doors.

Located on Apache Boulevard, just east of Mill Avenue, the hotel will close for good on May 16, and the adjoining 24-hour IHOP will also permanently close on June 2, Phoenix Business Journal reported.

But the building won't languish for long. After massive renovations, the seven-story, 140-room hotel will re-open "under a new name with a boutique-like vibe and a high-end restaurant and other amenities." The total cost of the project has not been revealed, but it will cost "several million dollars."

The hotel was bought last year by Chicago-based AJ Capital Partners for $5.88 million.

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