PR Newswire (paid press release):
PHOENIX, April 3, 2017 /PRNewswire/ — Virtua Partners announced today that Marriott International has approved its plans to build a SpringHill Suites Hotel on its property in Avondale, Arizona. The SpringHill Suites will be part of a 58-acre mixed use site that is located one half mile north of Interstate 10, and one quarter mile west of Loop 101, next to the existing Costco store. The hotel will be developed by Quyp Hospitality, LLC, an affiliate of Virtua Partners. The approved franchise calls for a 130-room hotel.
“We are excited to partner with Marriott International to introduce SpringHill Suites to the Avondale market,” said Quinn Palomino, Principal of Virtua Partners and Quyp Hospitality. “We believe that Marriott has the strongest reservation platform in the industry, and SpringHill Suites is one of its best performing flags.”
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The Virtua project is located approximately one mile from the Estrella Banner Hospital and four miles from the University of Phoenix Stadium. Other area amenities include the Phoenix International Raceway, and spring training facilities for the Cleveland Indians, Cincinnati Reds, Chicago White Sox, and Los Angeles Dodgers. “Our proximity to Interstate 10 and the 101, the adjacent retail development, and the strong submarket demographics make this the perfect location for a mixed-use project,” said Palomino.
Other proposed uses for the 58-acre site include multi-family, townhouses, retail, and high intensity single family residential. Virtua is currently processing entitlements through the City of Avondale, and expects to start construction on the hotel in November of this year.
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. Quyp Hospitality will be developing the hotel, and Hotel Equities will be the hotel operator.
About Virtua Partners:
Virtua Partners is a private equity firm specializing in commercial real estate. Through its affiliate, Versant Commercial Brokerage, Inc. (www.versantcre.com), 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. Clear Vista Management (www.Clearvistamanagement.com) provides asset management services across the portfolio.
Our network of relationships, sophisticated analyses, and experience in deal structuring gives us unique capabilities to revitalize challenged properties.
Please visit http://www.virtuapartners.com to learn more.
SOURCE Virtua Partners
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