Floridays-Butson Hotels Secure $30M for Two Hotel Projects

SARASOTA, FL—Locally-based developer Floridays Development Co. and Butson Hotels of Vermont have landed approximately $30 million in financing to begin development of two Home2 Suites by Hilton hotels in Sarasota and Largo, FL.

The financing deal was announced by Holliday Fenoglio Fowler, L.P., which arranged a fixed-rate loan for the development of the Home2 Suites by Hilton Sarasota and a floating-rate loan for the development of the Home2 Suites by Hilton Largo.

Both hotel properties when completed will feature 118 rooms. The five-story Home2 Suites by Hilton Sarasota will be developed on a 6.56-acre parcel on Mauna Loa Drive within Bee Ridge Park of Commerce in Sarasota. Once completed in late 2019, the hotel will have visibility to more than 127,500 vehicles per day from Interstate 75.  Multiple demand drivers are within a 10-mile drive of the hotel, including a nearby hospital, the medical-oriented Ridgelake Business Park, the Ringling Art Museum, historic St. Armand’s Circle and Siesta Key, which is currently ranked the No. 2 beach in the U.S, HFF states.

The Home2Suites by Hilton Largo will also be five stories and is scheduled for completion in the spring of 2020. The hotel will be built on 2.3 acres at 10125 Ulmerton Road directly across from the Largo Mall, which is approximately five miles east of the Gulf beaches, including Indian Rocks Beach, Indian Shores, Sand Key and Clearwater beaches. Additionally, the hotel is near a host of restaurants.

HFF’s senior managing director Michael Weinberg, managing director Rebecca VanReken and senior director Alan Suzuki, arranged the financings for the Floridays-Butson venture.

HFF states that Butson Hotels, which is a family-owned business that has owned and managed a portfolio of hotels in northern New England for more than a decade, has recently decided to expand into Florida and has teamed with Floridays Development Company to deliver new product in selective markets.