Credit Unions Celebrate Florida Resort Opening
Nearly a year and a half after announcing a commercial real estate lending partnership to finance a Florida resort, Navy Federal Credit Union and Pen Air Federal Credit Union are celebrating the hotel’s grand opening.
Just in time for the Memorial Day holiday weekend, the Holiday Inn Resort in Fort Walton Beach, Fla., opened to the public May 22. The resort is operated by Innisfree Hotels Inc., which owns or manages 2,400 hotel rooms and has more than 1,000 employees nationwide.
The $56 billion Navy Federal and the $1.2 billion Pen Air worked together to lend $18.9 million toward the project, the credit unions said.
Located on U.S. Air Force property, the beachfront resort was also made possible by the Air Force’s Enhanced Use Lease program. To show its gratitude, Innisfree Hotels will offer discounted rooms for military families, according to both credit unions.
The Holiday Inn Resort marks the credit unions’ second exclusive joint venture with Innisfree Hotels, having previously financed the Hyatt Place at the Pensacola Airport in 2012.
“Pen Air Federal Credit Union’s business partnership with the Innisfree Hotels Team has proven that credit unions and the business world can work successfully together,” said Stu Ramsey, president/CEO of the credit union.
Debbie Calder, senior vice president of Navy Federal Greater Pensacola Operations, said its strong relationship with Pen Air has allowed it to support the needs of its business services members.
“We are proud to support a first-class resort in a place where our members and military families can have fun and make lifelong memories,” Calder said.
Julian MacQueen, founder and CEO of Innisfree Hotels, said he is grateful to have the support of Navy Federal and Pen Air.
“My experience in the hotel development industry spans four decades, and our recent collaboration with credit unions has been a seamless financial partnership experience thus far,” he noted.