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VOL. 123 | NO. 39 | Tuesday, February 26, 2008

Hyatt Place One Step Closer to Construction

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10.8 acres
On Winchester Road
Loan Amount: $12.8 million and $1.9 million

     Loan Date:     Feb. 19, 2008

     Maturity Date:     NA

     Borrower:     SHG HP Germantown LLC and SHG Germantown LLC

     Lender:     Compass Bank

     Details:     CSHG HP Germantown LLC and SHG Germantown LLC, two entities of Boca Raton, Fla.- based Silver Cos., have filed construction loans to build a 127-room Hyatt Place and an unnamed hotel in Germantown. The 10.8-acre parcel is at the southeast corner of Winchester and Forest Hill-Irene roads, and site work will be finished within 45 days, said Silver Cos. chief operating officer Marvin Bolinger. The project has been delayed by heavy rains that have drenched the property. Also, the drainage work that's been ongoing since the company bought the land last summer took longer than expected. The Hyatt Place is slated to be on the southeast portion of the parcel, with four outparcels on the north side. Plans call for a 20,000-square-foot building on the front of the property to house a restaurant or two and maybe a shop, Bolinger said, plus two other outparcels that aren't yet designated. The final parcel is set for an extended-stay hotel, but "we do not have the franchise tied up, so I don't want to mention it until then," Bolinger said. The Hyatt Place hotel is expected to be completed by spring or summer of 2009, and the company will use Memphis-based Montgomery Martin Contractors LLC as general contractor.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 218 10,440
MORTGAGES 91 293 13,620
FORECLOSURE NOTICES 25 68 2,712
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 62 184 10,076
BUSINESS LICENSES 25 62 3,798
UTILITY CONNECTIONS 90 338 14,895
MARRIAGE LICENSES 10 68 3,235

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