• Rendering of the SpringHill Suites by Marriott in Avondale, Arizona   

Today, the Dallas-based office of Trez Capital announced the closing of an $18.75 million construction financing loan for Phoenix-based Virtua Partners 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, and 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 Adrian Watkins, vice president of origination at Trez Capital. "This area is expected to reach 2.1 million in population by 2030; therefore, the demand for limited-service hotels catering to business travelers and families will grow significantly."

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.

"We are thrilled to be working with Trez Capital again to build another hotel in Avondale that will help boost the local economy with more job opportunities as well as increased visitors to the area," said Nick Montague, executive vice president of finance at Virtua Partners. "The Sunbelt region is growing rapidly, and we look forward to bringing another Marriott branded hotel to the area."

This is the third limited-service hotel Trez Capital has financed for Virtua Partners. In 2018, Trez Capital financed a 120-room Fairfield Inn by Marriott in Tolleson, AZ and in 2019 a Courtyard by Marriott in Winston-Salem, NC.

Hotel construction is expected to start in November 2022.