PENSACOLA, FL—Innisfree Hotels, Inc., via a partnership that features a bank and two credit unions, has acquired $38 million to construct a 206-room Holiday Inn on Pensacola Beach.
The loan, involving three participating lenders, was led by Superior Bank in Tampa, which contributed $18 million to the loan package. Pensacola-based credit unions, Navy Federal and Pen Air Federal Credit Union, each contributed $10 million.
Julian MacQueen, CEO and founder of Innisfree Hotels, Inc. reportedly began searching for creative financing solutions after the local bank that originally committed to the financing was unable to complete the transaction due to the economic downturn.
“We originally planned to begin construction a year ago,” said MacQueen. “When the financing fell through, I knew we were going to have to start thinking differently. I also know how sound this project is and how it will complement Innisfree’s two other Pensacola Beach properties, the Hilton Pensacola Beach Gulf Front and the Hampton Inn.”
Upon completion of the 206-room Holiday Inn, Pensacola Beach will have slightly more room inventory than pre-Hurricane Ivan levels. The hotel will also add another 10,000 feet of meeting space to the beach’s inventory.
According to Bill Murrah, regional director for franchisor IHG, the property o Pensacola Beach’s is the second largest Holiday Inn and the only one being built fronting the ocean.