$70.85M construction loan secures dual-branded Hilton hotel in Phoenix

JLL's Hotels & Hospitality Group announced it arranged a $70.85 million construction loan for the development of a 257-room dual-branded hotel in Phoenix, Arizona, known as Hotel Six Four, Mayo Blvd. The project includes 133 rooms under the Tapestry Collection by Hilton brand and 124 rooms under Homewood Suites by Hilton. JLL acted on behalf of borrowers Plaza Companies and Fayth Hospitality to secure a five-year, floating-rate loan.

The hotel will feature a full-service restaurant with indoor and patio seating, a private dining room, a craft cocktail bar, 2,564 square feet of meeting space, a fitness center, and an outdoor pool. The project is expected to be completed in 2028.

The site sits adjacent to the Mayo Clinic campus, less than one mile from destinations such as CityNorth, Desert Ridge Marketplace, and TPC Scottsdale, with direct access to Loop 101. Nearby employers include American Express, Axon Enterprise, and Discount Tire, while area projects underway include the Discovery Oasis life sciences campus and the Arizona Cardinals' new headquarters.

"Securing this financing is an important milestone for a project that reflects the tremendous growth taking place in North Phoenix," said Sharon Harper, chairman and chief executive officer of Plaza Companies. Greg Fay, co-founder of Fayth Hospitality, said the combination of the two brands allows the project to serve a broad range of travelers, from business guests to patients' families.

The JLL Hotels & Hospitality team on the transaction was led by Managing Director Adrienne Andrews, along with Analyst Jessica Mehra.