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 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.
About American Momentum Bank
American Momentum Bank, with total assets of $1.7 billion as of Jan. 31, 2019, provides comprehensive products and services for businesses and individuals. The bank has 10 full-service banking centers in Florida, including in Tampa, Clearwater, St. Petersburg, Sarasota, Naples, Orlando and Winter Garden, as well as a deposit production office in Ft. Myers. It also has 10 full-service Texas banking centers and a loan production office in Dallas. American Momentum’s strong capitalization, superior asset quality and experienced management teams position it as one of the premier banks in each state. www.americanmomentum.bank
About HG Management
Based in Tampa, Fla., HG Management’s product diversity can be seen in the $1.8 billion of product developed by the four principles in the past 20 years. Product type ranges from marinas, office, industrial, multi-family for sale and rental, single family PUD’s and hospitality products throughout the state of Florida.
About Orlando Health
Orlando Health is a $3.4 billion not-for-profit healthcare organization and a community-based network of hospitals, physician practices and outpatient care centers across Central Florida. The organization is home to the area’s only Level One Trauma Centers for adults and pediatrics, and is a statutory teaching hospital system that offers both specialty and community hospitals. More than 2,900 physicians have privileges across the system, which is also one of the area’s largest employers with more than 20,000 employees who serve more than 112,000 inpatients, more than 2.4 million outpatients, and more than 10,000 international patients each year. Additionally, Orlando Health provides more than $450 million in total value to the community in the form of charity care, community benefit programs and services, community building activities and more. Additional information can be found at www.orlandohealth.com.