TAMPA, FL—Spirides Hospitality Finance Company has successfully arranged, and its client has closed a $5 million construction to permanent first priority mortgage loan from a southeast U.S. headquartered bank to finance the development of a new Radisson Park Inn in Florence, South Carolina.
This soon to be built Radisson Park Inn will be a limited-service hotel featuring 60 guest rooms and suites in a 3-story interior corridor building situated on 1.5 acres of land. Hotel features will include a breakfast area, business center, indoor swimming pool, fitness center, guest laundry, meeting room, market, and vending area. The hotel will be located in Florence County, South Carolina on Mandeville Drive just off of Interstate 95 at the W. Lucas Street (U.S. Highway 52) exit. The hotel will be located in the Fairfield Festival business and retail development and will be situated less than three miles from Florence city center. The site is located just minutes from Darlington Raceway & Museum, Florence Regional Airport, and Florence Civic Center. Other nearby demand generators and attractions include The War Between the States Museum, Magnolia Mall, Pee Dee Farmers Market, Florence Art Gallery, Veterans Park, Francis Marion University Performing Arts Center, Florence Symphony Orchestra, Florence Little Theatre, colleges, universities, hospitals, manufacturing facilities, various businesses, and corporate headquarters.
The terms of the financing arranged by Spirides for this new Radisson Park Inn development include a favorable interest rate, a 25-year term, an 80% loan to cost ratio, interest only monthly mortgage payments for the first 12 months of the loan through the construction period, followed by principal and interest payments based on a 24-year amortization for the remainder of the term.
“The City of Florence, South Carolina, which was founded as a railroad hub, today remains vitally linked with the U.S. transportation system by being the midway point between New York City and Miami, Florida on Interstate 95. This geographic fact has led to strong demand for hotel accommodations at Interstate 95’s exits in the metropolitan Florence area. Additionally, Florence’s good interstate access, which also includes Interstate 20, has allowed it to be the home of a QVC Distribution Center, an Otis Elevator manufacturing plant, and a Honda manufacturing plant among numerous other businesses,” says Harry G. Spirides, President of Spirides Hospitality Finance Company who led the debt placement team representing the borrower in this transaction. “Florence’s national transportation system nexus coupled together with the City of Florence’s ongoing large downtown redevelopment project will only continue to boost demand for hotel rooms in Florence,” continues Spirides.
Park Inn by Radisson is a growing upper midscale hotel brand. With 149 hotels currently operating and another 54 in development, the concept features all necessary modern hotel services and amenities, a unique guest service philosophy called “Adding Color to Life,” and a cost-effective building design which includes colorful and contemporary interiors with a “hip and modern feel.” Radisson Hotel Group defines the Park Inn brand’s competitive set as including Hilton Garden Inn, Four Points by Sheraton, Holiday Inn, and Courtyard by Marriott.