The development of a 127-room hotel in Pensacola, Fla., is set to move forward thanks to Navy Federal Credit Union and Pen Air Federal Credit Union.
The two credit unions have teamed up to finance the Hyatt Place hotel, which will be connected to the Pensacola International Airport.
The $47 billion Navy Federal will fund 90% of the project ($11.9 million) and the $1.1 billion Pen Air will fund 10% ($1.3 million), according to Vienna, Va.-based Navy Federal. Pen Air’s headquarters is in Pensacola.
Innisfree Hotels (Sandspur Development LLC) will develop 11.44 acres leased from the city of Pensacola. The Hyatt Place hotel is expected to create more than 350 additional local jobs, Navy Federal said. Construction for the 127-room hotel is expected to be completed in the spring of 2013.
This is not the first time Navy Federal has teamed up with Innisfree. The credit union said it participated with two other financial institutions to help finance the Holiday Inn Resort on Pensacola Beach.
“The commitment of Navy Federal and Pen Air Federal Credit Unions to Pensacola has helped Innisfree expand in very difficult economic times,” said Julian MacQueen, founder and CEO of Innisfree, in a statement. “We are fortunate to have their support.”
The hotel’s financing announcement was made last fall. It’s part of a larger development that will include other businesses and a $45 million expansion of the airport itself.