JLL arranges $70.85M construction financing for Mayo Clinic-area hotel development in Phoenix

• JLL secured a $70.85 million construction loan for the development of a 257-key dual-branded Hotel Six Four, Mayo Blvd a Tapestry Collection by Hilton and Homewood Suites by Hilton in North Phoenix.

• JLL arranged a five-year, floating rate construction loan on behalf of sponsors, Plaza Companies and Fayth Hospitality.

• The project will add a new hospitality offering adjacent to the Mayo Clinic Phoenix campus and within a rapidly expanding healthcare, bioscience, corporate and leisure destination corridor.

PHOENIX, Nov. 2, 2026 – JLL’s Hotels & Hospitality Group announced today that it arranged a $70.85 million construction loan for the development of a 257-room dual-branded Hotel Six Four, Mayo Blvd a Tapestry Collection by Hilton and Homewood Suites by Hilton in Phoenix. The project includes a 133-key Tapestry Collection by Hilton and a 124-key Homewood Suites by Hilton on an 8.15-acre site.

JLL worked on behalf of the borrower, Plaza Companies and Fayth Hospitality, to secure a five-year, floating-rate loan.

The development will feature 133 Tapestry Collection guestrooms and 124 Homewood Suites guestrooms, creating a complementary lodging platform designed to serve both short-term and extended-stay guests. The dual-branded hotel will feature a full-service restaurant with indoor and patio seating, a private dining room, a craft cocktail bar, 2,564 square feet of meeting space, a fitness center and an outdoor pool. The project is expected to open in 2028.

Positioned adjacent to the Mayo Clinic campus and less than one mile from many of the area's leading demand generators, the property is strategically located to capture lodging demand from healthcare-related travel, corporate visitors, research and bioscience activity and tourism. The site offers direct access to Loop 101 and is near major destinations including CityNorth, Desert Ridge Marketplace, Kierland Commons, Scottsdale Quarter, TPC Scottsdale, WestWorld of Scottsdale and ASU Futures Health Center.

The development sits within the North Phoenix/North Scottsdale corridor, one of metropolitan Phoenix's most active mixed-use growth areas. The market is anchored by major healthcare institutions, corporate headquarters and emerging life sciences development. Nearby employment centers include Mayo Clinic, American Express, Axon Enterprise, Discount Tire, Republic Services and other major corporate users. Additional projects underway in the surrounding area include the Discovery Oasis life sciences campus, the Arizona Cardinals' new headquarters and training facility, Brooks Rehabilitation Hospital and several mixed-use and residential developments that continue to strengthen the corridor's long-term growth prospects.

“Securing this financing is an important milestone for a project that reflects the tremendous growth taking place in North Phoenix,” said Sharon Harper, Chairman and CEO of Plaza Companies. “With Mayo Clinic nearby and continued investment in healthcare, bioscience, corporate headquarters and residential development, this corridor needs hospitality that can serve a diverse mix of visitors. We see Hotel Six Four, Mayo Blvd as more than a hotel — it is part of the infrastructure supporting the region’s emergence as a destination for healthcare, business and innovation.”

“We’re excited to bring a dual-branded Hilton hotel to one of the most compelling growth corridors in the Phoenix market,” said Greg Fay, Co-Founder of Fayth Hospitality. “Combining Tapestry Collection’s distinctive, locally inspired experience with the extended-stay convenience of Homewood Suites allows us to serve a broad range of travelers, from business guests to patients’ families and leisure visitors. The financing represents a significant step forward, and we look forward to delivering a hotel that meets the evolving needs of this market.”

The JLL Hotels & Hospitality team was led by Managing Director Adrienne Andrews, along with Analyst Jessica Mehra.

"What made this financing compelling was the convergence of institutional development expertise with a site positioned at the epicenter of one of the Southwest's emerging healthcare and innovation districts," Andrews added. "The sponsorship's track record of executing dual-brand Hilton projects in Arizona gave lenders confidence in their ability to deliver on schedule and capture demand from day one."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of approximately 112,000 as of September 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com. 

Plaza Companies, based in Peoria, Arizona, is an esteemed leader in the developing and managing of medical office and commercial office properties, technology and bioscience facilities, mixed-use properties and senior housing communities. Since its founding in 1982, this full-service, specialized real estate firm has established a proud portfolio stretching across the greater Phoenix area of more than 14 million square feet in properties developed, leased or managed and valued at more than $1 billion. For more information about Plaza Companies, visit ThePlazaCo.com. To inquire about Plaza Companies’ services, call 623.972.1184.

Fayth Hospitality, helmed by Greg Fay and his partner, Randy Churchey, launched in 2018 as a hotel investment company focused on select and compact full-service hotels in popular and emerging markets. Prior to forming Fayth Hospitality with Randy, Greg was the co-lead of the Goldman Sachs select service hospitality platform for 11 years.  In addition to the new Home2 Suites/Tru by Hilton hotel in midtown Phoenix, the company opened a dual-brand Hampton Inn/Home2 Suites by Hilton hotel in downtown Tucson in August 2021. For more information, visit www.faythhosp.com.