Applied Bank finances Hyatt Place in Ocean City
Applied Bank recently completed the closing of a $21 million construction and permanent mortgage transaction for financing of the new Hyatt Place Hotel at 16th St. and the Boardwalk in Ocean City, Md. The new Hyatt Place will replace the existing Seascape Motel which dates back to the 1950s.
The hotel project will include the construction of a 105-room, seven-story upscale hotel which will house a restaurant, bar and outdoor veranda. It will also include state-of-the-art amenities such as meeting rooms, room service, indoor and outdoor pools and a fitness center. Six retail shops will be located along the Boardwalk. The property ownership group, PRBR Hospitality LLC, has owned the site since 1978.
"Applied Bank provided a great financing structure that allowed us to maximize the value of the site with the new Hyatt Place Hotel," said PRBR managing member Thomas Bennett. "The local expertise and personalized service aided in the financing process and we are happy to have a valued business partner in Applied Bank."
"The project will be an economic boost to the Ocean City market, providing numerous construction jobs over the next 18 months along with many permanent jobs when the hotel is completed" said Applied Bank Vice President Art Lodge. "Ocean City has a very strong tourism industry, and we're confident this hotel will be a beneficial addition to the economy catering to the many visitors traveling in and around Ocean City."
Applied Bank, headquartered in Wilmington, has been consistently recognized as one of the highest-rated banks in the country and the highest-rated bank in Delaware due to its Five Star ratings from Bauer Financial and Bankrate.com. These ratings evidence the bank's commitment and ability to consistently provide financial stability and unmatched personal service to its customers. Since 1996, Applied Bank has been a recognized leader in commercial and construction financing, small business banking and merchant processing.
For more information on Applied Bank and financing opportunities, contact Matthew Lee, chief operating officer at 302-326-4200.
