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.

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