Pen Air, Navy Federal Financing Hotel Development
The 103,000-member Pen Air FCU will join with Navy Federal and other lenders to finance a hotel development in Pensacola, Fla., according to an announcement from Pen-Air.
The development will include a 127-room hotel and further development on five plots of land which the developer will lease from the City of Pensacola.
Neither credit union has yet revealed how much financing they have provided to the project, which Pen Air said would bring at least 350 jobs and perhaps up to 1,000 to the community.
Pen Air said the development will complement a recent airport expansion expected to draw more visitors to the area.
The CU also said it has previous experience working with the developer in a similar project in 2009.
“We are excited about financing a venture that will benefit the entire community and bring more prospective businesses and visitors to our area. Our local economy needs a boost right now, and we’re more than happy to help it along,” said David Tuyo, executive vice president and CFO at the $1.1 billion Pen Air.