SCOTTSDALE, AZ – PEG Companies [“PEG”] – a vertically integrated commercial real estate investment firm, announced the successful closure of a construction loan for a 168-key AC Hotel by Marriott, located at 7120 E Indian School Rd., just north of the iconic Old Town.
Spanning 120,000 square feet, the six-story hotel will feature a modern design, two levels of convenient underground parking, and an excellent set of amenities including a spacious conference room, a rooftop pool with views, a fully equipped fitness center, and a stylish restaurant and bar. The development also includes a 3,200 square-foot ground-level retail space that is available for lease, providing an exciting opportunity for businesses to join the vibrant Scottsdale community.
“We are thrilled to bring a modern upscale hospitality offering that seamlessly blends with the unique and vibrant energy of the Scottsdale community. This project is not just about building a hotel; it’s about creating exceptional real estate experiences for our investors, future guests, and future associates at this property,” explained PEG Founder/CEO Cameron Gunter. “We look forward to a dynamic future at this hotel, and we thank our partners who are making that possible.” he said.
To finance the project, PEG collaborated with Poppy Bank. Other partners include Gensler and Okland Construction. Project managers say the project aims to break ground on December 15, 2023 with a target completion date of February 15, 2026.
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About PEG Companies:
Founded in 2003, PEG Companies ["PEG"] is a vertically integrated commercial real estate investment firm focused on opportunistic and value-add opportunities in the Mountain West and across the United States. Initially best known for its creative and well-executed real estate developments, PEG today encompasses five synergistic companies that each manage a different phase of the commercial real estate investment process. Currently, PEG’s robust $2.4B AUM includes assets in multifamily residential, single-family rental communities, student housing, office, mixed-use, and hospitality throughout 29 states and two Canadian provinces. PEG Companies employs more than 1,200 employees nationwide.
About Poppy Bank:
Since opening the first branch in January 2005, Poppy Bank has grown to nearly $6 Billion in assets with branches across the Greater San Francisco, Sacramento, and Southern California Areas, and loan production offices in California, South Carolina, Texas, Utah, Nevada, Arizona, and Washington. Poppy Bank is committed to providing the best products and services which has propelled its success and garnered national recognition for performance. Poppy Bank is 5-star rated by BauerFinancial Inc., the nation’s leading independent bank and credit union rating firm and is recognized as one of the strongest financial institutions in the country. Poppy Bank has also been ranked as one of the best-performing banks in the nation by the ICBA. The Bank is governed by a strong team of Executive Officers and a dedicated Board of Directors formed entirely by accomplished business leaders. Poppy Bank’s mission is to meet the banking needs of clients and to make a positive difference in the communities served. For more information, visit www.poppy.bank.
