By: Andrew Boardwine
FLORENCE, S.C. — Spirides Hospitality Finance Company has arranged a $5 million construction mortgage loan to finance the development of a new Radisson Park Inn in Florence, officials told the Morning News.
The Radisson Park Inn will be a limited-service hotel featuring 60 guest rooms and suites in a three-story interior corridor building situated on 1.5 acres of land, according to an announcement.
The hotel will feature a breakfast area, business center, indoor swimming poll, fitness center, guest laundry room, meeting room, market and vending area. The hotel will be off Interstate 95 at the West Lucas Street (U.S. 52) exit in the Fairfield Festival business and retail development off Mandeville Road and will be less than three miles from Florence city center.
“The city of Florence, South Carolina, which was founded as a railroad hub, today remains vitally linked with the U.S. transportation system by being the midway point between New York City and Miami, Florida on Interstate 95,” said Harry G. Spirides, president of Spirides Hospitality Finance Company. “This geographic fact has led to strong demand for hotel accommodations at Interstate 95’s exits in the metropolitan Florence area. Additionally, Florence’s good interstate access, which also includes Interstate 20, has allowed it to be the home of a QVC Distribution Center, an Otis Elevator manufacturing plant, and a Honda manufacturing plant among numerous other businesses.”
The hotel will be operated by Radisson Hotel Group, which is one of the world’s largest hotel groups with eight distinctive hotel brands and more than 1,400 hotels in operation and under development around the world.
The terms of the financing arranged by Spirides for the new development include a “favorable” interest rate, a 25-year term, an 80 percent loan-to-cost ratio, interest-only monthly mortgage payments for the first 12 months of the loan through the construction period, followed by principal and interest payments based on a 24-year amortization for the remainder of the loan.
The concept of Park Inn by Radisson features all necessary modern hotel services and amenities, a guest service philosophy called “Adding Color to Life” and a cost-effective building design which includes colorful and contemporary interiors.
Based in Tampa, Florida, Spirides Hospitality Finance Company arranges mortgages and loans for hotel owners across the United States for new ground-up construction, acquisition, debt refinancing, renovation, and other types of hotel capital projects. Members of the Spirides family have owned, operated, developed, and advised hotels and restaurants since the 1920s.