California-based EKN Development has received a $24.5 million construction loan for the real estate development of a combination Fairfield Inn and TownePlace Suites by Marriott in Tempe, Arizona. The four-story, 148-room dual-branded hotel will share a lobby and more than 2,000 square feet of meeting space. In addition, the hotel will have a fitness and business center, outdoor pool with a hot tub and a covered patio.

Aimbridge Hospitality will manage both hotels upon completion, which is scheduled for first-quarter 2024. The project will be situated in Market Station in Tempe, at 1921 E. Rio Salado Pkwy
​& 117 S. Perry Lane. It will be close to Sloan Park, the venue where the Chicago Cubs call home for Spring Training.

Jillian Marietta led the team from JLL Capital Markets to source the financing for the project.