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

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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