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| Rendering of planned Marriott TownePlace Suites Hotel, Boynton Beach, FL |
MIAMI, FL –
June 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
secured $11.322 million in construction financing for the development of a
116-key, Marriott-branded TownePlace
Suites hotel in Boynton Beach, a South Florida coastal community.
HFF worked
on behalf of the borrower, North Boynton Beach Hospitality, LLLP, to secure the
loan through City National Bank of Florida.
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| Mike Kavanau |
The
TownePlace Suites Boynton Beach will be built on a 2.77-acre site on Gateway
Boulevard east of Congress Avenue and north of the Boynton Beach Mall in
Boynton Beach, the third largest city in Palm Beach County.
The hotel’s location will give guests access
to Interstate 95, the Florida Turnpike and major employment centers in West
Palm Beach and Boca Raton, which are both approximately 15 miles from the
property.
The
select-service hotel has an anticipated opening date of late 2015 and will
feature the hallmarks of an extended-stay Marriott TownPlace Suites hotel,
which includes studio, one- and two-bedroom suites with full kitchens and
flexible spaces; a market for snacks and meals; pool; fitness center and
putting green.
The HFF debt placement team representing the
borrower was led by senior managing director Mike Kavanau, managing director Elliott Throne and real estate analyst Alexandra Lalos.
“It is an
exciting time for the lodging market in Palm Beach County,” Lalos added. “With
an increasing amount of retail, office and residential development in Boynton
Beach, the sponsorship has identified solid demand for new hotel development.”
For a complete copy of the company’s
news release, please contact:
Kristen M.
Murphy
Associate
Director
HFF | One
Post Office Square, Suite 3500 | Boston, MA 02109
Main:
617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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