Done Deals: HFF announces $30 million capital for development of Home2 Suites by Hilton hotels in Sarasota, FL and Largo, FL

Tuesday, April 2, 2019

HFF announces $30 million capital for development of Home2 Suites by Hilton hotels in Sarasota, FL and Largo, FL

Rebecca VanReken

ORLANDO, FL, April 2, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged nearly $30 million in capital for the development of two Home2 Suites by Hilton hotels totaling 236 keys in Sarasota and Largo, Florida.

The HFF team worked on behalf of the developer, a joint venture partnership HFF arranged consisting of Floridays Development Company and Butson Hotels, to place a fixed-rate loan for the development of the Sarasota Home2 Suites and a floating-rate loan for the development of the Largo Home2 Suites.

Rendering of planned Home2 Suites by Hilton hotels totaling 236 keys in Sarasota, FL and Largo, FL

Home2Suites by Hilton is an all-suite, mid-tier, extended-stay Hilton brand designed with the budget-conscious traveler in mind. All suites provide separate living and bedroom areas, and all properties feature an open lobby area with a community space called the “Oasis,” a laundry and fitness area, business zone and market pantry.

Home2 Suites by Hilton Sarasota will house 118 rooms within five stories on a 6.56-acre land parcel on Mauna Loa Drive within Bee Ridge Park of Commerce in Sarasota.

Michael Weinberg

Once completed in late 2019, the hotel will have visibility to more than 127,500 vehicles per day from Interstate 75. Multiple demand drivers are within a 10-mile drive of the hotel, including a nearby hospital, medical-oriented Ridgelake Business Park, the Ringling Art Museum, historic St. Armand’s Circle and the white sand of the world-famous Siesta Key, which is currently ranked the No. 2 beach in the U.S.

Home2Suites by Hilton Largo’s five stories will also contain 118 rooms. Scheduled for completion in the spring of 2020, the hotel will be constructed on 2.3 acres at 10125 Ulmerton Road directly across from the Largo Mall.

Alan Suzuki

This location is approximately five miles east of the Gulf beaches, including Indian Rocks Beach, Indian Shores, Sand Key and Clearwater beaches. Additionally, the hotel is surrounded by numerous restaurants within walking distance.

The HFF equity and debt placement teams included senior managing director Michael Weinberg, managing director Rebecca VanReken and senior director Alan Suzuki.

Angus Rogers

“HFF is well versed with and has the relationships with the type of lenders we like to work with on these types of projects,” said Angus Rogers, president and CEO of Floridays Development Company. “Michael and his team have been very professional in all of our dealings.”

“It was a privilege to be able to link capital with high-quality developers/owners like Floridays Development Company and Butson Hotels,” Weinberg added.

CONTACTS:

MICHAEL WEINBERG

FL Lic. # SL3133790

HFF Senior Managing Director

(407) 745-3900

mweinberg@hfflp.com

REBECCA VANREKEN

HFF Managing Director

(407) 745-3900

rvanreken@hfflp.com

ALAN SUZUKI

HFF Senior Director