PRISA Group, Peachtree to develop 3 Florida hotels
Through a joint partnership, San Juan-based The PRISA Group and Peachtree Hotel Group have begun development of three, select-service hotels in Florida, the companies announced Tuesday.
The properties — the dual-brand SpringHill Suites by Marriott Orlando/Mall at Millenia and Residence Inn by Marriot Orlando/Mall at Millenia, with 120 and 134 suites, respectively, and AC Hotel by Marriott Tampa/Airport – Westshore with 175 rooms — are currently are under construction with a planned opening date of December 2017. Marriott Corporation will manage the three hotels.
The construction is being conducted by a partnership between PRISA Group and Orlando, FL-based Welbro Building Corporation. Miami-based Popular Community Bank provided the financing for the projects.
“Our select service hotel platform continues to grow with the addition of three new hotels in key markets in Florida, all next to vibrant food, beverage and entertainment options and with a modern design aesthetic,” said Federico Stubbe, PRISA president and CEO. “We continue to pursue ground-up opportunities in submarkets in the Southeast with strong entertainment offerings.”
The Orlando hotels are located adjacent to the Mall at Millenia, and the AC Hotel in Tampa will be part of the MetWest International complex, located in Westshore.
“We continue to seek out best-in-class partners, and PRISA’s well regarded reputation as a leading provider of green residential and hospitality projects throughout Puerto Rico speaks for itself,” said Jatin Desai, Peachtree’s chief investment officer.
“With more than $89 billion in tourism revenue in 2015 alone, Florida remains one of the nation’s top destinations, and we fully expect these properties to quickly become market leaders following their initial ramp-up stages,” he said.
PRISA Group has been actively opening properties in Puerto Rico in recent years, despite the economic downturn. In January, the company officially inaugurated the Hyatt Place San Juan, which joined the Hyatt Place Bayamón, the Hyatt Place Manatí and the Hyatt House, which together represent an investment of $115 million all developed by PRISA Group.