Scottsdale, AZ – May 31, 2023 - Arriba Capital announces that it recently closed a $16,600,000 senior 70% LTC ground-up construction of Hyatt Place. The new 127-room hotel is strategically located next to West Tennessee Healthcare’s (WTH) 642-bed tertiary care center, Jackson-Madison County General Hospital, which serves 400,000 residents inside its 17-county area of rural West Tennessee. Understanding the need for an extended-stay hotel in the immediate vicinity, WTH called upon a local respected development group and worked out a favorable ground lease to bring the project to life.
To further serve the needs of the community, Ronald McDonald House Charities will occupy the 2nd floor and will provide assistance to families whose children are undergoing treatment and receiving care at Le Bonheur Children's.
Tim Valaski of Arriba Capital’s Hotel Group added “While hotel construction financing continues to be a tough bucket of capital, the right projects are still getting financed. We were thrilled to be involved in such a great project, benefiting both the developer and the community.”