The development of a 127-room hotel in Pensacola, Fla., is setto move forward thanks to Navy Federal Credit Union and Pen AirFederal Credit Union.

The two credit unions have teamed up to finance the Hyatt Placehotel, which will be connected to the Pensacola InternationalAirport.

The $47 billion Navy Federal will fund 90% of the project ($11.9million) and the $1.1 billion Pen Air will fund 10% ($1.3 million),according to Vienna, Va.-based Navy Federal. Pen Air's headquartersis in Pensacola.

Innisfree Hotels (Sandspur Development LLC) will develop 11.44acres leased from the city of Pensacola. The Hyatt Place hotel isexpected to create more than 350 additional local jobs, NavyFederal said. Construction for the 127-room hotel is expected to becompleted in the spring of 2013.

This is not the first time Navy Federal has teamed up withInnisfree. The credit union said it participated with two otherfinancial institutions to help finance the Holiday Inn Resort onPensacola Beach.

“The commitment of Navy Federal and Pen Air Federal CreditUnions to Pensacola has helped Innisfree expand in very difficulteconomic times,” said Julian MacQueen, founder and CEO ofInnisfree, in a statement. “We are fortunate to have theirsupport.”

The hotel's financing announcement was made last fall. It's part ofa larger development that will include other businesses and a $45million expansion of the airport itself.