Specialty Finance Group Provides $51 Million Loan for Tampa Bay Westin Hotel Development
Atlanta, Georgia | Specialty Finance Group, a subsidiary of The Bankers Bank, announced today that they closed a $51 million construction/mini perm loan with Impact Properties for Impact’s Westin Tampa Bay resort project. Specialty Finance Group executed the entire process from proposal to closing, in under 50 days.
Slated to open in December 2008, the waterfront Westin Tampa Bay is located on Rocky Point Island. Overlooking Old Tampa Bay, the 16-story hotel features 255 guestrooms and suites, its own boardwalk and private beach area as well as a waterfront restaurant and lounge. Impact recently inked a deal with E-Brands for the Westin’s waterfront restaurant to be the nation’s second Aquaknox luxury global water cuisine. The original AquaKnox, also run by E-Brands, is located in Las Vegas’s Venetian Hotel, Resort & Casino.
“The principals of Impact Properties are highly adept hotel developers and operators,” commented Jon Wright, Managing Partner of Specialty Finance Group. “Their proposal was thorough and well-conceived. These elements and their preparation assisted us in moving forward rapidly to provide the loan.”
The Westin Tampa Bay has all the hallmarks of a winning The Westin Tampa Bay has all the hallmarks of a winning project, according to Mr. Wright, with an upscale brand with high consumer acceptance and a premium location in the heart of Tampa’s Westshore Business District with easy access to Tampa International Airport.
Greg Friedman, Senior Vice President of Specialty Finance Group agrees. “This project ideally fit our hotel lending parameters,” commented Mr. Friedman. “More than 70% of the $1 billion which Specialty Finance Group anticipates lending to the hotel industry in 2007 will take the shape of construction/mini-perm loans to projects with top tier brands and development teams.”
Designed by Bessolo Design Group – an award winning architectural firm in St. Petersburg, Florida, the Westin Tampa Bay is being built by Hardin Construction Company one of America’s finest builders of upscale and luxury hotels. Hardin’s major projects include the Ritz Carlton Hotel & Residences in Sarasota, Florida, Marriott Waterside Hotel in Tampa, Bayshore Tower, Tampa and Bahia Grand at Sandestin, Florida. When complete the Westin Tampa Bay will house a Starbucks coffee shop, a rooftop martini bar, full-service business center, more than 7,000 square feet of meeting space, an indoor heated swimming pool and the new Westin WORKOUT Powered by Reebok Fitness Center.
During 2007 Specialty Finance Group has provided more than $750 million in hotel real estate debt nationwide. For further information about this transaction and Specialty Finance Group’s expertise, please contact Greg Friedman at 770.805.2365 or via [email protected].
About Specialty Finance Group | Specialty Finance Group, LLC (“SFG”), a subsidiary of The Bankers Bank, is a balance sheet lender with a focus on the hospitality industry. Headquartered in Atlanta, Georgia, SFG has assembled a team of highly skilled professionals who are proficient in multiple lending disciplines. Since its core formation nearly 20 years ago, SFG has funded in excess of $7 billion for hotel projects. In 2006, SFG committed to over $650 million in hotel senior debt (new construction, take-out, bridge, acquisition, refinance) and FF&E loans. SFG is currently tracking approximately $1 billion for 2007. SFG’s high level of expertise allows the team to perform and respond to the diverse lending requirements of our hospitality clients through a personalized and seamless decision-making process. SFG can be accessed online at .
About Impact Properties | Impact Properties, Inc. is a Tampa, Florida, based real estate company specializing in the development, acquisition, and management of a diverse portfolio of businesses including hotels, restaurants, and other strategic real estate investments. Founded in 1979, the Impact Group has become very successful in the industry over the past 25 years and during this period, Impact established an extensive reputation and track record - receiving numerous recognitions and awards. The Impact Group has developed more than 16 hotel projects throughout Florida including Hilton Garden Inn, Holiday Inn, Hampton Inn and Country Inn & Suites in Tampa Florida. At present Impact is developing two other hotels in Florida – Marriott SpringHill Suites in Brandon and the Hampton Inn & Suites in Jacksonville, Florida.