Trez Capital announced the closing of more than $10MM in financing to Phoenix-based Virtua Partners. This loan will finance a 116-room Fairfield Inn & Suites by Marriott in in Tolleson (West Phoenix). Located adjacent to Interstate 10 near North 91st Avenue, the hotel will anchor a 21-acre mixed-use development that will include office, retail, restaurant and 240 units of multifamily space.
“Tolleson is a thriving employment center in the west Phoenix area that hosts several large commercial and industrial employers and we’re pleased to help fund the Fairfield Inn and Suites to serve both business and leisure travelers,” said John D. Hutchinson, president of Trez Capital. “We have provided commercial real estate financing for numerous projects across Arizona.”
The hotel, which is slated to open in late summer of 2019, will have the latest design elements from the Marriott brand, including a new décor package. In addition to a fitness center and pool, the hotel will also feature amenities for the business traveler like free Wi-Fi, an in-room ergonomic desk and chair and an on-site business center. Hotel Equities will manage the hotel once it opens next year.
