Donna Arp, CEO of Realty Capital, says the hotel is lucky to be next to such a successful mall. "We know Columbus is a strong area, with a strong real estate market," she tells GlobeSt.com. The company hasn't invested in Columbus, or Ohio, before, but Arp says the company has wanted in the area for some time. "We love the Midwest, we think it's very stable, at least in certain cities," she says. Other investments from Realty Capital have been the 434-room Fort Worth Plaza Hotel in Fort Worth.
The project is expected to be complete by June 2008. "The construction is moving along quickly," Arp says. The Hilton is being developed by locally based FLG Hospitality Corp., which has developed and managed more than a dozen hotels in the Midwest, such as the 338-room Holiday Inn Fort Rapids Indoor Waterpark Resort in Columbus; Florida; New Hampshire; and the Renaissance Constellation Condominium Resort in St. Maarten. Hall Structured Finance provided the venture with a $43-million construction loan for the project.
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