Plaza Cos., Fayth Hospitality Land $71M to Develop Phoenix Hotel
The 257-key property is expected to open in 2028.
Plaza Companies and Fayth Hospitality have secured a $70.9 million, five-year floating-rate construction loan for a 257-key dual-branded Hilton hotel—a Tapestry Collection and a Homewood Suites—on a site adjacent to the Mayo Clinic Phoenix campus. JLL’s Hotels & Hospitality Group arranged the funding.
Known as Hotel Six Four, Mayo Blvd, the future building will encompass a 133-key Tapestry Collection by Hilton and a 124-key Homewood Suites by Hilton on an 8.15-acre site at the southeast corner of 64th Street and Mayo Boulevard in North Phoenix. When completed, the property will cater to short-term and extended-stay guests, including healthcare, corporate, bioscience and leisure travelers.
Construction plans include 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.
A JLL spokesperson told Commercial Property Executive the project broke ground in late October and is expected to open in 2028. The hotel site is part of a 44-acre parcel purchased by homebuilder K. Hovnanian in a state land auction, with Plaza and Fayth buying the hotel site in spring 2025.
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.
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JLL Managing Director Adrienne Andrews and Analyst Jessica Mehra arranged the financing.
Plaza Companies and Fayth Hospitality previously partnered on the dual-branded Tru by Hilton and Home2 Suites by Hilton at Park Central.
Phoenix hospitality market shows signs of recovery
The Mayo Clinic facility centers on a seven-story building with 368 licensed beds, 33 operating rooms and an emergency department.
The Phoenix metro’s hospitality market benefits from demand generated by the healthcare, technology, finance, government and education sectors, as well as construction activity, according to a report from HVS.
Following modest declines in occupancy and revenue per available room in 2025, the Phoenix hospitality market has seen improving occupancy and average daily rates in 2026, despite an increase in supply. According to HVS, sports tourism, growing luxury travel demand and development activity throughout the region have helped drive the recovery.
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