Finance Authority’s Creative Approach to Hotel Financing
- Partnering with developers, the Columbus-Franklin County Finance Authority provides creative funding options for projects in the hospitality sector.
- The Finance Authority has issued financing to support the Canopy Hotel, the Marriott/Residence Inn project, and the Home2 Suites Hotel in Dublin.
There was a 1.7% increase in Columbus hotel occupancy in 2016 – moving the City up to fourth place from its previous seventh place on a list of about a dozen competitive cities, including Cleveland, Cincinnati and Pittsburgh. As Central Ohio’s hospitality sector continues to grow, the Columbus-Franklin County Finance Authority is committed to advancing Central Ohio’s economic health by offering creative financing options to propel the local hospitality and tourism community forward.
Bringing High-End Lifestyle Brand, Canopy Hotel, Downtown
Supporting the Indus Companies, the Finance Authority issued $43 million for the Canopy Hotel, Hilton’s urban lifestyle brand hotel, located on Nationwide Boulevard. The project, which is expected to be completed in April 2018, will be a 12-story hotel containing 168 rooms, a full-service restaurant and two outdoor spaces with spectacular views of downtown. Read more about this project in Columbus Underground.
Redeveloping The University Plaza Hotel
Another example of the Finance Authority’s hotel financing is the Marriott Hotel and Residence Inn, formerly known as the University Plaza Hotel. Located on Olentangy River Road in Columbus on property originally owned by The Ohio State University, the project involved redeveloping the aging hotel to a full-service 250-room Marriott Hotel and the construction of a 114-room Residence Inn adjacent to the Marriott. Working with Continental Real Estate Companies and Concord Hospitality, the Finance Authority issued $51 million to refurbish the hotel with a Marriott flag, adding a new pool, fitness facility, meeting and ballroom space, as well as construction of the Residence Inn.
Expanding Dublin Hospitality with Home2 Suites Hotel
Developer and longtime Finance Authority partner Crawford Hoying was issued up to $15 million in lease revenue bonds to support the 129-room Home2 Suites hotel operated by Hilton Worldwide Brands on the corner of State Route 161 and Frantz Road right off the interstate in Dublin. To read more on this project click here at Columbus Business First.
If you’re interested in learning more about the Finance Authority and how we can partner on your next opportunity, contact us at [email protected] or call 614.429.0177. Visit our website at www.columbusfinance.org.