PHOENIX—JLL Capital Markets announced that it has arranged $24.5 million in construction financing for the development of the dual-branded Fairfield Inn and TownePlace Suites, a 148-key, select-service hotel in Tempe, Arizona. JLL worked on behalf of the borrower, EKN Development Group, to secure the three-year, floating-rate loan through Hall Structured Finance.
The four-story property will feature 83 keys in the Fairfield Inn and 65 keys for TownePlace Suites. The dual-branded hotel will offer a range of amenities, including a restaurant, bar and lounge, gym, pool, hot tub, and more.
The hotel will be located less than a mile from the Arizona State University campus in Tempe at the southwest corner of East Rio Salado Parkway and South Smith Road. In addition, Fairfield Inn and TownePlace Suites will be 5.8 miles from the Phoenix Sky Harbor International Airport and is within five miles of nearly 30 million square feet of office space. The site has access to Routes 101 and 202, which provide access to much of the Phoenix Metro area. The property is within walking distance of an array of retail, dining, and entertainment options, including Tempe Market Place, Dave & Buster’s, Portillo’s Hot Dogs, Spinato’s Pizzeria, and more.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jillian Mariutti, Director Robert Tonnessen, and Associate Phil Cadorette, with local support provided by Senior Director Carl Beardsley.
“JLL appreciates EKN Development Group for providing us the opportunity to arrange hotel construction financing on behalf of a strong sponsorship,” said Mariutti. “With the dual-branded concept, the project will appeal to a number of different demographics within Tempe’s dynamic and growing market. The flexible and affordable nature of the two brands will enable them to consistently retain occupancy.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver solutions for clients—whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 capital market specialists worldwide with offices in nearly 50 countries.
