Hyatt Place One Step Closer to Construction

Tuesday, February 26, 2008, Vol. 123, No. 39

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.