The global venue management company will also contribute millions to the renovation of the arena. phoenix
The city of Glendale unanimously approved a new $33 million lease agreement with ASM Global for the former hockey arena now called Desert Diamond Arena, with an option to purchase the facility.
Through the new agreement, ASM will enter into a ground lease with the city for a minimum of 20 years with the option for multiple 10-year renewals. Glendale City Manager Kevin Phelps said the city has been negotiating the contract for just under a year and that leasing to ASM will allow Glendale to stay involved with the venue.
ASM Global said the agreement is part of a multiyear strategy to increase the venue's fiscal returns. The management company will also contribute $15 million to the city's $40 million renovation of the arena, which will be"ASM, who is one of the largest owner of arenas and stadiums in the entire world, they now have a significantly increased investment into our sports and entertainment district," Phelps told the Business Journal.
At the time, the Coyotes had a rocky relationship with the city and the agreement was seen as a move that could have prompted the team to leave Glendale. The city eventually parted ways with the Coyotes and the Gila River Arena was renamed Desert Diamond Arena in aASM said it plans to leverage the venue's anchor status within the $1 billion Westgate Entertainment District, which is part of thethat spans three square miles along the Loop 101 and was just host to the Super Bowl LVII.
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