Concord Summit Capital has successfully secured a $12.2 million construction loan for a new extended-stay property in Peoria, located northwest of Phoenix. The developer, Sandpiper Hospitality, has partnered with Wyndham Hotels & Resorts to build multiple locations across the U.S. under their new mid-scale extended-stay brand ECHO Suites Extended Stay.
Construction is currently underway at 10725 North 91st Street and the hotel is expected to open its doors in September 2025. The four-story property will feature single- and two-queen studio suites equipped with kitchens as well as public spaces such as a lobby, fitness center, and laundry room.
Robert Horton, John Choi, and Benjamin Applebaum from Concord Summit were responsible for securing the financing on behalf of Sandpiper Hospitality.
Sandpiper previously developed the first ECHO Suites Extended Stay in Spartanburg, South Carolina which opened in July 2024 and is now managed by them. They have also enlisted Concord Summit Capital to assist with obtaining funding for future projects that are currently being planned.
ECHO Suites Extended Stay is experiencing rapid growth within the extended-stay market sector with nearly 270 hotels already lined up across various locations throughout the U.S.
