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 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.