ARLINGTON, VA—Eagle Bank has provided $32 million in construction finance to a partnership between Schupp Cos. and LodgeWorks Partners for the development of 161-key Hyatt Place Arlington, a select-service hotel.
HFF secured the financing and also arranged mezzanine financing for the project through Endeavor Real Estate Group, Ltd.
The new Hyatt Place Arlington will be located at 2401 Wilson Blvd. at the intersection of Wilson Boulevard and North Adams Street. The hotel's 93,000 square feet will also have 1,200 square feet of street-level retail space, a café and bar on the first floor and a two-level underground parking garage. The hotel, which broke ground in January 2015, will deliver this year.
The HFF team was led by Mark Remington, Cyrus Vazifdar and Neil Campbell.
The hotel is notable because the owner plans to obtain LEED Gold Certification, making it Arlington's first LEED Gold hotel and the Hyatt's first LEED Gold Hyatt Place in the United States, Remington says in a prepared statement.
A call to HFF was not returned in time for publication.
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