Marriott gets investment green light for Tempe development
Image courtesy of EKN Development.
A dual-branded Marriott International group hotel is headed to Arizona, USA, after the site’s developer secured the financing to begin construction.
Fairfield Inn and TownePlace Suites by Marriott in Tempe is being developed by California-based EKN Development and will be managed by Aimbridge Hospitality.
Money mandate
The parties closed on a new $24.5 million first lien construction loan from Dallas-based Hall Structured Finance (HSF) to finance the development.
The four-storey, 148-key, dual-branded Fairfield Inn and TownePlace Suites will share a lobby, over 2,000 sq ft of meeting space, a select-service restaurant and bar, fitness and business centre, and an outdoor pool with a hot tub and covered patio.
Funded few
EKN Development president and CEO Ebbie Nakhjavani said: “We’ve been eagerly looking forward to starting this project for some time. As one of the few hotels to secure funding in this post-covid climate, we are proud to join Tempe’s community and provide convenient and comfortable accommodations for visitors.”
HSF president Donald Braun added: “With the strength of Marriott’s loyalty program and their prime location, we believe both hotels are well-positioned to be successful additions to the Tempe market. We look forward to seeing the hotels completed and begin welcoming guests in the first quarter of 2024.”
Growing market
Investment management firm JLL Capital Markets sourced the financing for the project. The company’s senior MD Jillian Mariutti commented: “JLL appreciates EKN Development Group for providing us the opportunity to arrange hotel construction financing on behalf of a strong sponsorship. 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.”
Both the Fairfield Inn & Suites and TownePlace Suites brands are looking to grow further afield too. According to the TOPHOTELPROJECTS database, the former has at least 51 projects in progress, while the latter is currently working on at least 23. These include Fairfield by Marriott Phnom Penh in Cambodia, set for completion by the end of this year; the mammoth 2,600-room Fairfield by Marriott Makkah Al Naseem in Saudi Arabia which will follow in Q3 2023; and TownePlace Suites by Marriott Recplace Drive in Prince George, Canada, also delivering next year.
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Fairfield by Marriott is a lower cost brand of hotels franchised by Marriott International.
