TOLLESON, Ariz.--(BUSINESS WIRE)--Virtua Partners, a global private-equity real estate investment manager, and Hotel Equities, a leading hospitality management company, announce the grand opening of their first-ever, ground-up developed hotel since the formation of their strategic partnership. The completed hotel, which has been operating since November 15th, is a 116-room Marriott-branded Fairfield Inn & Suites located in the high-growth city of Tolleson, Arizona.
“We are so proud of our team for the hard work and collaboration that went into completing this greenfield development,” said Quinn Palomino, Chief Executive Officer of Virtua Partners. “We are honored to celebrate this achievement alongside our exceptional partners at Hotel Equities. Tolleson is a thriving market and we are excited to offer a high-quality, accessible hospitality product to this growing area, with top-notch management services and oversight.”
The new Marriott hotel is part of a mixed-use development at the corner of 91st Avenue and McDowell, accessible to the I-10 freeway. The hotel will boast state-of-the-art features and amenities to meet the diverse needs of its guests, including the latest design elements from the Marriott brand, complimentary full hot breakfast, an outdoor heated pool, a 531 square-foot meeting space and a 24-hour market center.
“This hotel is a testament to what can be achieved through our partnership with Virtua Partners,” said Brad Rahinsky, President and CEO of Hotel Equities. “Virtua and Hotel Equities have a shared vision of providing best-in-class results through a holistic development and management approach. We look forward to delivering an unmatched level of service for guests, career advancement opportunities for our associates and maximum ROI for owners and investors.”
Situated just west of Phoenix, Tolleson’s surrounding areas are characterized by growth potential and key demand drivers, making this hotel an attractive addition to the local economic landscape. Arizona tourism continues to grow rapidly, with the industry seeing 7.8% growth in revenue in 2018 compared to 2017, according to the Arizona Office of Tourism. Local attractions include professional sports venues like University of Phoenix Stadium, home to the NFL’s Arizona Cardinals.
The Tolleson hotel represents the fifth hotel asset currently open and operating under the new strategic partnership between Virtua Partners and Hotel Equities. Hotel Equities manages over 30 Fairfield Inn & Suites hotels throughout North America, offering best-in-class management and development services alongside a proven track record within the Marriott brand. Virtua Partners and Hotel Equities have two additional hospitality projects currently under construction.
About Virtua Partners:
Virtua Partners is a global private-equity firm specializing in commercial real estate. The firm and its affiliates sponsor a variety of investment funds and commercial real estate projects across the United States.
Virtua Partners’ goal is to provide superior risk-adjusted returns for high-net-worth individuals and family offices through comprehensive strategies, rigorous underwriting and careful execution.
About Hotel Equities:
Hotel Equities (HE) is an Atlanta-based full-scale hotel ownership, management and development firm managing 140+ hotels throughout the United States and Canada. Frederick W. Cerrone, CHA, serves as Founder and Chairman; Brad Rahinsky serves as President and CEO. For more information, visit www.hotelequities.com.