85.4 F
The Villages
Monday, September 27, 2021

$10 million loan extended to fund new hotel across from The Villages

Centennial Bank Central Florida has provided a $9.832 million construction loan to Liberty Group CEO Punit Shah for the development of a Home2 Suites Hotel adjacent to The Villages.

Shah, a Tampa-based real estate investor and developer, acquired the site in 2020 and construction is under way with completion set for 2022.

The property, whose address will be 7555 Penrose Place, will be the first extended-stay hotel in the immediate surroundings of The Villages.

The hotel will be an anchor for the 154-acre Beaumont development next to Trailwinds Village on County Road 466A. The Wildwood Commission approved a site plan for the hotel in 2019.

The Home2 Suites Hotel is under construction at the Beaumont development on County Road 466A across from Pinellas Plaza in The Villages.
The Home2 Suites Hotel is under construction at the Beaumont development on County Road 466A across from Pinellas Plaza in The Villages.

“The new Home2 Suites will cater to the friends and family of residents in the neighboring retirement community, who may not have adequate living space to accommodate guests,” according to a press release.

The Home2 Suites, one of Hilton’s most rapidly growing flags, offers studio and one-bedroom suites with in-suite kitchens, paired with amenities, such as complimentary breakfast and Wi-Fi.

Centennial Bank has established a six-year relationship with Shah, financing more than $78 million to date, including a $24 million construction loan for the dual-branded Hampton Inn/Home2 Suites in downtown Tampa, which recently sold for $57.5 million.

More Headlines
Stories in and around The Villages, Florida

Headlines
The Villages, Florida

Letters to the Editor
Opinions submitted by residents in and around The Villages

COVID-19 takes toll on male sexual performance

A Village of Poinciana resident points to a report that should inspire men to seek the COVID-19 vaccination.

Non-residents using pools in The Villages

A Village of Pine Ridge resident is concerned that non-residents are regularly using swimming pools in The Villages. Read his Letter to the Editor.

There must be a reckoning

A reader from Jupiter Beach, in a Letter to the Editor, declares there must be a reckoning when it comes to former President Trump.

I won’t get the COVID-19 vaccine

A Village of Orange Blossom Gardens resident, who suffered through COVID-19 in December with her husband, explains in a Letter to the Editor why she won’t get the COVID-19 vaccine.

COVID-19-positive aliens coming into America

A Village of Mallory Square resident, in a Letter to the Editor, asks Democrats to admit their hypocrisy as COVID-19-positive aliens flooding into America.

Photos
The Villages, Florida