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7/28/22
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EKN Development Group has secured $24.5 mil in construction financing for the development of the dual-branded Fairfield Inn and TownePlace Suites, a 148-key, select-service hotel in Tempe, AZ.
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 & 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 Pkwy and South Smith Rd. 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 msf of office space.
The site has convenient access to Routes 101 and 202, which provide direct access to much of the Phoenix Metro area. The property is within walking distance of a wide array of retail, dining and entertainment options, including Tempe Market Place, Dave & Buster’s, Portillo’s Hot Dogs, Spinato’s Pizzeria and more.
Jillian Mariutti, Robert Tonnessen, Phil Cadorette and Carl Beardsley with JLL Capital Markets arranged the three-year, floating-rate loan. It was funded through Hall Structured Finance.
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