ATLANTA — Access Point Financial, a 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, Fla.
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, according to the company.
“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.”