Access Point Financial Partners with AD1 Global to Finance the Development of Hyatt Place and Home2 Suites in Palm Bay
Leading hospitality industry lender selected to finance dual properties for new Florida development partnership, citing reliability and flexibility
ATLANTA - Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, has signed an agreement with top hotel development and management firm, AD1 Global Hospitality, to finance the development of a Hyatt Place and Home2 Suites by Hilton located in Palm Bay, Florida.
Access Point Financial provided $26.8 million in financing for the development of the hotels, with $15 million for the 106-room Hyatt Place and $11.8 million for the 87-room Home2 Suites by Hilton. Both hotels are slated to open in the Palm Bay Executive Park, which will consist of the hotels, two restaurants and three retail buildings.
The transaction closed on September 19, 2019, with the Hyatt Place expected to open on March 5, 2020, and the Home2 Suites by Hilton following on April 20, 2020.
AD1 Global Hospitality selected Access Point Financial to finance the transaction, due to the firm's staunch reputation in the industry, as well as the flexible terms offered and ability to close quickly, giving AD1 added certainty that the deal would be executed according to its requirements.
"Access Point Financial has a unique understanding of the complexity and urgency involved in the hotel finance market and we are pleased to have them as a financial partner in the launch of these two exemplary Florida hotels," said Samy Cohen, Partner at AD1 Global Hospitality. "Both properties will be located in a competitive market that is guaranteed to attract interest from travelers and locals alike, and both will open in time to benefit from a strong summer 2020 season."
"The Hyatt Place and Home2 Suites Palm Bay share a wonderful location, and we are honored to have been chosen to be a part of the development behind these two exceptional new properties," said Dilip Petigara, CEO of Access Point Financial. "This is an ideal location to grow new hotels and we look forward to working with the AD1 team to get them up and running quickly."
For more information on Access Point Financial's comprehensive portfolio of hospitality-focused financial services, Please visit www.accesspointfinancial.com.
About Access Point Financial
Founded in 2011, Atlanta-based Access Point Financial, LLC (APF) is a direct hospitality lender that provides financing to qualified hoteliers throughout the United States. APF's loan programs are flexible and are typically used for refinance, acquisition, construction take-out, renovations or brand-mandated PIPs, and value-add transactions, such as asset repositioning, hotel conversions and ground up construction. APF's programs are designed specifically for the hospitality industry and offer a competitive alternative to traditional bank financing. APF understands the complexities of the industry and are uniquely positioned to customize its loan programs to meet the needs of its clients even during periods of volatility. For more information, please visit www.accesspointfinancial.com.
