American Momentum Bank is financing part of the TownePlace Suites project with a $17.3 million construction loan
ORLANDO, Fla. (March 5, 2019) -- HG Management recently broke ground on a $28.3-million TownePlace Suites by Marriott extended-stay hotel in downtown Orlando.
The six-story, nearly 73,000-square-foot property with 110 guest rooms will be located at 51 Columbia Street. The hotel is adjacent to Orlando Health’s main campus and next door to a new Hampton Inn & Suites, also developed by HG Management.
American Momentum Bank is the only bank involved with the project, providing a $17.3 million construction loan to assist with financing the $22.65 million of construction costs.
“The South Downtown market is going through quite a bit of revitalization,” said Jeff Meehan, partner of Tampa-based HG Management. “The Hampton Inn next door has exceeded everyone’s wildest expectations, and we know this area has enough activity to support hotels. TownePlace Suites is a great product and this new property will be in a great location.”
In addition to the construction loan from American Momentum Bank and HG Management’s own funding, Orlando Health is an equity partner in the TownePlace Suites project and was also involved in the development of the neighboring Hampton Inn & Suites.
"We are pleased to partner with HG Management on this project," said Matt Taylor, Vice President Asset Strategy for Orlando Health. "The Hampton Inn has been a welcomed addition to our downtown campus, serving our patients’ families and visitors. The new TownePlace Suites will further enhance hospitality options for the Downtown South neighborhood."
American Momentum Bank has provided HG Management with financing for two projects over the last several years, totaling $25 million.
“HG Management’s ability to identify opportunities, design buildings of the highest quality and manage the process from concept to completion is second-to-none,” said American Momentum Bank Tampa Bay Market President Porter Smith. “We are proud to work with such a top-notch developer and look forward to helping meet a big need for this hotel segment in downtown Orlando.”
“The American Momentum team is very relationship-oriented,” said Mike Gratz, partner with HG Management. “While they’re not technically a partner, they are absolutely interested in the success of our development.”
The TownePlace Suites property is expected to be completed in May 2020.