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Trez Capital Arranges Financing for Phoenix Hotel
Trez Capital closed an $18.75 million construction financing loan for a new 128-room SpringHill Suites by Marriott in Avondale, a suburb just west of Phoenix. Quyp Hospitality LLC, an affiliate of Virtua Partners, will develop the hotel. It will be part of a 58-acre mixed-use development located a half-mile north of Interstate 10, and one-quarter mile west of Loop 101.
“In the past two years, the Avondale and West Valley area has exploded with economic growth as many companies and people have moved to the area since the pandemic,” said Trez Capital’s Adrian Watkins.
The hotel is slated to open in 2023 and is located approximately 1 mile from the Estrella Banner Hospital and 4 miles from the University of Phoenix Stadium. Other area amenities include the Phoenix International Raceway. Upon completion, the mixed-use development will include retail, restaurant, multifamily and single-family developments. Hotel construction is expected to start in November 2022.
- ◦Development
- ◦Financing
