Epelboim Development Group awarded $21.5M Construction Loan for Tru by Hilton
New 259-suite branded concept hotel will be located across the Orange County Convention Center, with an opening date targeted for last quarter 2019
Epelboim Development Group has secured a construction loan totaling $21.5 million from BridgeInvest for the development of an eight-story, 259 suite Tru by Hilton hotel in Orlando Florida. Designed as the largest Tru by Hilton in the U.S. to date, the Orlando property will be located on Westbrook Boulevard, conveniently across the Orange County Convention Center with easy access to major Orlando attractions.
As a game-changer in the midscale segment, the Tru by Hilton brand is differentiated by its affordability, attention to the guest experience and vibrant, high-energy environments. The modern guest rooms are designed to maximize every square foot, with natural light from oversized windows, 55" TV with 150 DIRECTV channels and bright all-shower bathrooms with premium bath amenities.
“We were drawn to the project due to the Tru Hotel brand and the well-located infill location of the property. We are confident in Epelboim Development Group's ability to execute on the project given their previous success with similar projects,” said Alex Horn, Managing Partner of BridgeInvest.
Tanya Little, the CEO of Hart Capital who placed the $21.5m loan said, “This is a distinguished project, and we look forward to participating in the delivery of this innovative new hotel by Epelboim Development Group.”
For Noel Epelboim, CEO & President of Epelboim Development Group, the project expands the reach of his company into the Orlando market and solidifies the company’s expertise in developing concept hotels for the hospitality industry. "It’s a privilege to be working with partners such as BridgeInvest and Hart Capital Partners. We look forward to providing Orlando with a one-of-a-kind hotel experience," said Noel Epelboim, "We are especially honored to have been granted this construction loan as part of our capital stack which is made up of the loan, private equity, and EB-5 capital, totaling $39.5 million dollars.”
Epelboim Development Group is currently in the final stages of building an EVEN hotel in Miami, Florida and is developing two more hospitality projects in Georgia. The company has plans to unfold twenty-five hospitality properties in the next three years which would solidify them as a top, a select-service hotel developer in North America’s sunbelt.
About Epelboim Development Group
Epelboim Development Group is a full-service development company involved in hospitality projects in the USA within the “select service” and “lifestyle” market. Their 30+ years of knowledge and experience serve as the basis for their proven record of successful real estate projects. In recent years, they have specialized in hotel projects that are financed, in part, through the EB-5 visa program.
For more info www.epelboim.com
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Market Watch |May 15, 2018