Centennial Bank Central Florida has provided Liberty Group CEO Punit Shah with a $ 9.832 million building loan to build a Home2 Suites hotel adjacent to The Villages.
Shah, a real estate investor and developer based in Tampa, acquired the site in 2020 and construction is underway with completion scheduled for 2022.
This hotel at 7555 Penrose Place will be the first extended stay hotel in close proximity to The Villages.
The hotel will anchor the 154-acre Beaumont development near Trailwinds Village on County Road 466A. The Wildwood Commission has approved the location plan for the hotel in 2019.
“The new Home2 Suites will serve friends and family in the neighboring retirement community who may not have enough living space to accommodate guests,” the press release said.
Home2 Suites, one of Hilton’s fastest growing flags, offers self-catering studios and one-bedroom suites combined with amenities such as free breakfast and Wi-Fi.
Centennial Bank forged a six-year relationship with Shah, funding more than $ 78 million to date, including a $ 24 million construction loan for the Hampton Inn / Home2 Suites, a two-brand hotel in downtown Tampa that recently sold for $ 57.5 million. …