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Peoria Hotel Developer Closes on Construction Loan
Concord Summit Capital closed a $12.2 million construction loan to a developer planning a new 124-room extended-stay property in Peoria, northwest of Phoenix. Sandpiper Hospitality has an agreement with Wyndham Hotels & Resorts to develop dozens of locations throughout the U.S. for the hospitality company’s new mid-scale extended-stay brand ECHO Suites Extended Stay.
Construction recently started on the Peoria location at 10725 North 91st Street, which is expected to open in September 2025. Rooms at the four-story hotel consist of single- and two-queen studio suites with kitchens and public spaces, including a lobby, fitness center and laundry room.
Concord Summit’s Robert Horton, John Choi, and Benjamin Applebaum closed the financing on behalf of Sandpiper Hospitality.
Sandpiper developed the first ECHO Suites Extended Stay in July 2024 in Spartanburg, South Carolina, and now manages the property. The company has engaged Concord Summit Capital to secure financing for additional projects in the pipeline.
ECHO is the fastest growing extended-stay brand, with nearly 270 hotels in its pipeline across the U.S.
