Hospitality and Real Estate in Phoenix: Sam Fox and Brian Frakes on the Future of Dining, Development, and the Valley of the Sun

Brian Frakes and Sam Fox

PHOENIX, AZ (August 6, 2025) — Phoenix is a city on the rise, and few know this better than Sam Fox, founder of Fox Restaurant Concepts and co-owner of the Global Ambassador Hotel, and Brian Frakes, president of Common Bond Development Group. In a conversation with Spencer Levy for CBRE’s The Weekly Take, the two entrepreneurs shared insights into the evolving landscape of restaurants, hotels, and real estate development in the Valley of the Sun. Their story reflects resilience, innovation, and a deep understanding of hospitality and real estate synergy.

A Steady but Competitive Restaurant Business

Fox describes the post-pandemic restaurant industry as “steady,” noting that while top-line revenue is strong, it’s harder to predict business patterns than in the past. Inflation has pushed average checks higher even as traffic levels remain flat. Consistency and value are key to keeping guests returning in a market where every meal is scrutinized for its worth.

Hospitality, Fox says, is about more than food: “The hard part is doing it every day correctly and being consistent. That’s the secret sauce.” This commitment to reliability, paired with creativity, is what has allowed Fox to scale to more than a dozen brands and 150 locations nationwide.

The Evolution of Restaurant Development

Frakes remembers a time when landlords limited the number of restaurants in a center because they were seen as risky tenants. Today, restaurants are the “darling child” of retail, driving traffic and boosting rents. The partnership between Fox and Frakes emerged from this realization. By developing properties together, they have been able to create projects where the restaurant elevates the real estate, and the real estate enhances the restaurant’s success.

Their collaboration has produced notable ventures, including the Global Ambassador Hotel, where every aspect of the property—from valet to spa—is owned and operated under one vision. Fox believes this unified approach creates a seamless guest experience that franchise or outsourced models often can’t deliver.

Overcoming Development Challenges in Phoenix

A favorable business climate, a diversifying economy, and strong population inflows have fueled Phoenix’s growth. But development here isn’t without hurdles. Frakes points to supply chain constraints, high construction costs, and labor shortages, partly due to competition from massive semiconductor plants in the region. Tariffs and uncertain pricing have forced developers to rethink sourcing strategies and adjust budgets mid-project.

The Global Ambassador itself faced a long road to completion. The site had seen more than a decade of failed proposals before Fox and Frakes assembled parcels, navigated rezoning, and secured $175 million in financing with equity from Koch Industries and Western Alliance Bank. Construction began mid-pandemic, a risky decision that ultimately paid off with the hotel’s successful opening.

A New Era of Members Clubs

Drawing inspiration from old-school New York hospitality, Fox sees a resurgence of private members clubs focused on exceptional service, wellness, and community. At the Global Ambassador, the members club concept borrows from country clubs, minus the golf and tennis, replacing them with curated dining and social experiences. The goal is to create spaces where guests feel valued and connected—a hallmark of hospitality that transcends price points.

Phoenix: A Market with Staying Power

Both Fox and Frakes see Phoenix as one of the most dynamic U.S. markets for real estate and hospitality. Once known mainly for sunshine and seasonal residents, the city has transformed into a hub for technology, finance, healthcare, and higher education. Arizona State University and other institutions are feeding a growing talent pool, while pro-business policies attract new companies and investors.

“It’s an easy place to live,” says Fox. “Great weather most of the year, culture, sports, and a pro-business mentality make it ideal for families, visitors, and hospitality ventures alike.”

Looking Ahead

For Fox, the future is about executing today: “We run our business one shift at a time. Great lunch today, great dinner tonight—that builds the foundation for tomorrow.” Frakes plans to keep expanding methodically, balancing high-profile projects like the Global Ambassador with neighborhood shopping centers that provide steady returns.

Their partnership illustrates how restaurants and real estate have evolved from isolated endeavors into collaborative ventures that define communities. Phoenix’s growth story is still being written, and with leaders like Fox and Frakes at the helm, the city’s hospitality and development sectors are poised for an exciting future.

To hear the full 30-minute interview, click here.