You can own part of a Pac-Man or Asteroids-themed Phoenix hotel

Article originally posted on AZ Central on December 17, 2025

The Phoenix-based developers of an Atari-themed hotel planned on Roosevelt Row are hoping nostalgia and excitement might motivate old-school video game fans to invest in the project.

Intersection Development, the developer of other Roosevelt Row projects, including the recently opened Rainbow Road, a Mario Kart-inspired apartment complex, purchased land in 2023 slated to develop an Atari-themed hotel, Jordan Taylor, partner at Intersection Development, said.

How does someone invest in the Atari hotel?

The group is opening a Regulation A, tier two equity offering, with a minimum contribution of $500, aimed at allowing fans and gamers a chance to invest in the development. A Regulation A offering allows companies to solicit investments from both accredited and non-accredited investors, with less regulation than an initial public offering. The offering is regulated by the U.S. Securities and Exchange Commission.

A tier two offering allows a company to raise up to $75 million, but Intersection is seeking to raise between $35 million and $40 million in the offering. The offering has a time limit of one year, and officially opened in mid-December, Taylor said. The overall development cost of the hotel is about $124 million.

In addition to the Regulation A round, Taylor said the remainder of the cost will likely come from a traditional construction loan.

“We love this Reg A structure,” Taylor said. “It’s modernized the fundraising process and become very common now, especially with projects with a lot of fan involvement.”

For the Atari project, individuals can invest a minimum of $500. Non-accredited investors are capped at how much they can invest based on their income and owned assets. Accredited investors, meaning they have met certain criteria with the SEC, have more flexibility in the amount they can invest.

Regulation A round investors will see return on investment in three ways, Taylor said. The first will be quarterly returns once the hotel is operating based on the profitability of the hotel. The second will be on an eventual refinance of the construction loan into permanent debt, and the third would be on the eventual sale of the property.

The offering has already begun to attract investors, Taylor said, including some Atari fans who have organically come across the offering and chosen to invest.

What will the planned hotel on Roosevelt Row be like?

The location would be the first hotel for Atari, known for video and arcade games like Asteroids and Centipede, and publishing other games like Mortal Kombat and Pac-Man. The idea for an Atari hotel was first floated in 2020, but plans were put on ice because of the pandemic.

Intersection and related entities own most of the land between First Avenue and Central Avenues between Roosevelt Street and McKinley Street, according to real estate database Vizzda.

The company does not own the existing apartment tower on the southeast corner of the site. Most of the hotel project, Taylor said, would be developed on the northern portion of the land, which is a surface parking lot. The project will also likely involve demolishing some of the existing buildings on the site, Taylor said.

The hotel is planned to have 91 rooms, including 19 suites and 72 standard rooms, a play on the year 1972, the year Atari was founded, Taylor said. It will also have a 2,000-person venue to host shows and events, a sports viewing room, two floors of food and beverage offerings and “immersive entertainment.”

Renderings of the hotel rooms show a setup for gaming, with multiple large TVs and themed artwork and decorations from classic Atari games, like Donkey Kong, Pac-Man and Asteroids.

Construction is expected to start in late 2026, with an expected opening in late 2028. It is being designed by Rakkhaus, a design and architecture firm owned by several people who are executives at Intersection Development.