ABR Chesapeake Fund III, a value-added real estate investmentfund sponsored by ABR, provided $6.45 million to the venture.Landcom and its principals and partners provided $3 million. JosephEpstein, of First American Realty Associates, secured $20.5 millionin debt financing for the project. This is the third joint venturebetween ABR and Landcom.

The two adjoining hotels will be constructed as a singleeight-story building. The hotels will have separate entrances andoperate separately, but will share some facilities. Parking will beavailable in an existing 1,300-space municipal garage adjacent tothe hotels. "This design is among the first of a handful ofduel-branded hotels to be introduced nationally that targetmultiple markets and are most cost efficient," says Landcom seniorvice president and director of hotel development Hank Fonde.

The project is located between the St. John's River businessdistrict and the San Marco community and adjacent to theJacksonville Skyway Kings Avenue station. The hotels are part of alarger, transit-oriented development known as Kings AvenueStation.