Marriott International has approved Virtua Partners' plans to develop a Fairfield Inn & Suites on its property located on the I-10 freeway in Tolleson, Arizona. The site is on the southeast corner of 91st Avenue and McDowell Road. The hotel will be developed by Quyp Hospitality LLC, an affiliate of Virtua. Plans call for 120 rooms on the property.
"We are delighted to have the opportunity to develop this highly visible property," stated Quinn Palomino, Principal of Virtua Partners and Quyp Hospitality. "Market conditions in the West Valley are excellent and we expect growth to continue over the next few years. In addition, the City of Tolleson has been incredibly supportive of commercial development, which is one of the reasons we were attracted to this site."
The 20-acre mixed use project also includes retail and multi-family uses. Sales activity on the remaining parcels has been strong. The project developer, Quyp Development, expects to announce additional sales/tenants in the very near future.
Atlanta-based Hotel Equities has been contracted to operate the hotel. Versant Commercial Brokerage and Virtua Capital Management are assisting in raising the debt and equity for the project. "This location is excellent due to its proximity to the freeway, surrounding sporting attractions, ease of accessibility, availability of utilities, and support from the local municipality," commented Derek Uldricks, President of Virtua Capital Management.
Through its affiliate Quyp Development, Virtua Partners is currently developing 15 projects in the Greater Phoenix market, including Mesa, Queen Creek, Avondale, Goodyear, Tolleson, Peoria and Phoenix.
Virtua Partners is a private equity firm specializing in commercial real estate. Through its affiliate, Versant Commercial Brokerage, Inc., Virtua restructures undercapitalized commercial real estate, providing the debt, equity, and improved management necessary to stabilize distressed assets. Through its affiliate, Quyp Development, Virtua sponsors development projects.
