In Brief: JLL arranged a $70.85 million construction loan for a 257-room dual-branded hotel development in North Phoenix.
JLL secured the five-year, floating-rate loan for borrowers Plaza Companies and Fayth Hospitality. The development will include Hotel Six Four, Mayo Blvd, a Tapestry Collection by Hilton and Homewood Suites by Hilton on an 8.15-acre site.
The Tapestry Collection hotel will have 133 rooms, and the Homewood Suites will have 124 rooms. The project is expected to open in 2028.
Plans include a full-service restaurant with indoor and patio seating, a private dining room, a cocktail bar, 2,564 square feet of meeting space, a fitness center and an outdoor pool.
The site is adjacent to the Mayo Clinic Phoenix campus and has direct access to Loop 101. Nearby destinations include CityNorth, Desert Ridge Marketplace, Kierland Commons, Scottsdale Quarter, TPC Scottsdale, WestWorld of Scottsdale and ASU Futures Health Center.
Nearby employment centers include Mayo Clinic, American Express, Axon Enterprise, Discount Tire and Republic Services. Projects underway in the surrounding area include the Discovery Oasis life sciences campus, the Arizona Cardinals’ new headquarters and training facility, Brooks Rehabilitation Hospital and mixed-use and residential developments.
JLL’s Hotels & Hospitality team was led by Managing Director Adrienne Andrews and included Analyst Jessica Mehra.