News Summary
Concord Summit Capital has arranged a $12.2 million construction loan for the development of a new ECHO Suites project at the Chandler Airport Center in Arizona. This new extended-stay hotel, featuring 124 rooms, marks Concord Summit’s continued support for Sandpiper’s growth in key markets. The strategic location is poised to attract corporate demand, further expanding the ECHO brand’s presence in the hospitality industry, which already boasts a growing pipeline of nearly 270 hotels nationwide.
Arizona
Concord Summit Capital has successfully arranged a $12.2 million construction loan to fund the development of a new ECHO Suites project located at the Chandler Airport Center in Arizona. This funding will support the construction of a four-storey, 124-room extended-stay hotel, marking the second ECHO Suites initiative in Arizona backed by Concord Summit for Sandpiper.
The financing arrangement was structured by a team from Concord Summit, including key members Robert Horton, John Choi, and Connor Martz. Horton emphasized that providing favorable loan terms to repeat clients is a core component of Concord Summit’s mission.
Details of the Development
The Chandler Airport Center is strategically located near the airport, which is anticipated to drive significant corporate demand. This positioning is ideal for the extended-stay brand, which is currently outperforming other sectors within the hospitality market. The new hotel is expected to contribute positively to the area’s growing residential base, aligning with regional development needs.
Carter Rise, the founder and CEO of Sandpiper, stated that partnering with Concord Summit again was key to securing favorable loan terms that fit well with Sandpiper’s overarching development strategy. The financing will enable Sandpiper to advance the ECHO brand’s expansion in high-demand markets, such as Chandler, as they continue to roll out their growth initiatives in the western United States.
ECHO Suites Expansion Nationwide
As part of the expansion efforts, Sandpiper recently opened its third ECHO Suites property in Sterling, Virginia. The ECHO Suites brand has quickly gained recognition as the fastest-growing extended-stay hotel brand in the nation, with nearly 270 hotels currently in the development pipeline across the country.
Background on Concord Summit Capital and Sandpiper
Concord Summit Capital, a company specializing in arranging financing for real estate projects, focuses on providing valuable loan terms that foster long-lasting client relationships. Its approach has allowed the company to support various developments, particularly in high-demand and strategically advantageous locations.
Sandpiper, a growing player in the hospitality industry, emphasizes the importance of expanding its footprint in regions where corporate demand and residential growth converge. Their continued partnership with Concord Summit Capital exemplifies their commitment to growth and strategic development.
As the hospitality market evolves, projects like the ECHO Suites at Chandler Airport Center illustrate a continued investment in high-demand areas that cater to both business travelers and longer-term guests seeking comfortable accommodations.
Deeper Dive: News & Info About This Topic
- Serviced Apartment News
- Wikipedia: ECHO Suites
- Connect CRE
- Google Search: ECHO Suites
- Hotel Investment Today
- Google Scholar: ECHO Suites development
Author: STAFF HERE PHOENIX WRITER
The PHOENIX STAFF WRITER represents the experienced team at HEREPhoenix.com, your go-to source for actionable local news and information in Phoenix, Maricopa County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Waste Management Phoenix Open, Cactus League Spring Training, and Arizona State Fair. Our coverage extends to key organizations like the Greater Phoenix Chamber of Commerce and Visit Phoenix, plus leading businesses in technology and healthcare that power the local economy such as Intel and Banner Health. As part of the broader HERE network, including HERETucson.com, we provide comprehensive, credible insights into Arizona's dynamic landscape.
