A 152-room Holiday Inn Resort hotel will break ground in Floridathanks to financing from Navy Federal Credit Union and Pen AirFederal Credit Union.
|Innisfree Hotels (Emerald Breeze Resort Group LLC) will developthe resort on a 17-acre parcel in Okaloosa Island in OkaloosaCounty, Fla., that is owned by the U.S. Air Force and will beleased to the Emerald Breeze Resort Group for 50 years, accordingto the $50 billion Navy Federal in Vienna, Va., and the $1.2 billion Pen Air in Pensacola, Fla.
|The USAF and Eglin Air Force Base made the property availablefor private development via the Enhanced Use Lease program, whichidentifies property that is underutilized but does have an ongoingmission requirement, according to the credit unions.
|Revenue generated for the USAF from the EUL program is madeavailable for use by Eglin AFB. Although the hotel is beingdeveloped on federal property, the hotel will be open to thepublic.
|Navy Federal and Pen Air said this is the third successfulInnisfree hotel development project financed collaboratively bythe credit unions. The others are the Holiday Inn Resort onPensacola Beach, which won an Intercontinental Hotel Group brandaward for Development of the Year in 2011, and the Hyatt Place Hotel at Pensacola International Airport, whichwill open in the spring of 2013.
|The Emerald Breeze Resort Group project is scheduled forcompletion in March 2014. The resort is expected to create morethan 150 jobs in the Okaloosa Island community, the credit unionssaid.
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