CN Hotels scores $12M loan to build Hilton Garden Inn in Homestead
CN Hotels just secured a $12 million loan to build a Hilton Garden Inn in Homestead.
Greensboro, North Carolina-based CN Hotels filed plans with the city of Homestead July 2017 to build a six-story, 130-room hotel with 76,632 square feet at 2601 Northeast 9th Court. The company purchased the 2.6-acre vacant land for the building on December 2017 for $1.7 million from a company affiliated with DDR Corp., according to property records.
Greensboro, North Carolina-based Pinnacle Bank provided the loan to CN Hotels.
A call to CN Hotels was not immediately returned.
CN Hotels, led by Jayesh Patel, owns a number of different hotels throughout the Southeast, including a Homestead 2 Suites in Dania Beach, a Holiday Inn Express & Suites in Hialeah, and a Best Western Plus in North Miami Beach.
Homebuilders are increasingly buying land in Homestead as more homebuyers are turning to the area due to the rising costs of single-family homes in other parts of Miami-Dade County.
Last April, Ecosteel USA, a construction and engineering firm and building supplier, proposed a massive, $240 million steel mill complex on about 124 acres of county-owned land in Homestead, outside the Homestead Air Reserve Base.