18 Nov, 2016

Apollo Bank Secures $10 million loan for Fairfield Inn & Suites at ONE DAYTONA Mixed-Use Project

Apollo Bank, one of Miami’s strongest and fastest growing community banks, recently secured a $10 million loan on behalf of Daytona Hotel Two, LLC, a partnership amongst Prime Hospitality Group, Shaner Hotel Group and International Speedway Corporation, for the construction of Fairfield Inn & Suites at the new ONE DAYTONA mixed-use project, directly across from Daytona International Speedway, home to the iconic DAYTONA 500.

ONE DAYTONA, a premier mixed use development will feature a 300,000-square-foot retail, dining and entertainment district totaling a projected investment of approximately $120 to $150 million, along with the Fairfield Inn & Suites as a central component, and residential community.

“We are privileged to partner with International Speedway Corp., the Shaner Group and together with Apollo Bank to develop such an extraordinary project as One Daytona,” said Larry Mayer Abbo CEO of Prime Hospitality Group. “It is a dynamic, iconic undertaking that will dramatically expand and enhance the race experience, while significantly contributing to the sport, it’s fans and the local community at large.”

Evita Francuz, Senior Vice President & Commercial Lending Officer at Apollo Bank, led the loan securing process on behalf of the client, Daytona Hotel Two, and with the legal support of attorney Maria Currais of Weiss Serota Helfman Cole & Bierman.

“The construction of the Fairfield Inn & Suites at ONE DAYTONA presented Apollo Bank with the opportunity to continue to service a longtime client and expand the bank’s presence beyond South Florida into new markets like Daytona Beach,” said Evita Francuz of Apollo Bank. “We worked on behalf of the client to secure favorable loan terms that will allow for the hotel component of ONE DAYTONA to move forward as the project comes to life.”

Eddy Arriola, Chairman of Apollo Bank, added: “The development will have a positive economic impact for the Daytona Beach community over the long term, while enhancing the amenities and accommodations available to Daytona International Speedway visitors for years to come.”

The Fairfield Inn & Suites will feature 105 modern guest rooms with a lobby bar, 24/7 market, pool and fitness center, business center, flexible work spaces, free high-speed internet and complimentary breakfast. The hotel is expected to open its doors in the summer of 2017.

“We welcomed the opportunity to represent Apollo Bank in connection with this financing and to work with the Prime Group, Shaner Group and International Speedway Corporation,” said Maria Currais, partner at law firm Weiss Serota Helfman Cole & Bierman. “While the project had certain challenges, the borrower, its members and Apollo Bank worked diligently and cooperatively to get the financing closed. The ONE DAYTONA development and the Fairfield Inn & Suites will be a boon for the area.”

About ONE DAYTONA:

Located at the intersection of I-95 and I-4, across from Daytona International Speedway, ONE DAYTONA is planned to open in 2017 and will feature a 300,000-square-foot retail, dining and entertainment district, totaling a projected investment of approximately $120 to $150 million, along with two hotels and residential units. Lease agreements have been executed with Bass Pro Shops®, America’s most popular outdoor store; and Cobb Theatres, the highly respected Southeastern-based exhibitor, as anchor tenants of ONE DAYTONA. Other announced tenants include: P.F. Chang’s, Hy’s Toggery, Kilwins Confections, Guitar Center, Tervis, IT’SUGAR, Jeremiah’s Italian Ice, Venetian Nail Spa, Sunglass World, Oklahoma Joe’s BBQ, Rock Bottom Restaurant & Brewery, and MidiCi: The Neapolitan Pizza Company. ONE DAYTONA will quickly become synonymous with visitors, race fans and residents as the place to live, work, stay and play.

About Apollo Bank

Apollo Bank is an independent, locally-owned Miami, Florida bank with a core clientele of businesses in South Florida. The bank provides a full spectrum of financial products and services including commercial and personal banking. Above all else, Apollo provides clients with a high caliber of personalized service that is unique in the banking sector. The bank serves clients throughout South Florida from its branches in the Brickell Financial District, Downtown Miami, Coral Gables, Doral, Kendall, Westchester and Hialeah, giving the bank a presence in Miami-Dade’s chief business and residential areas. Apollo Bank was named one of the Best Banks to Work For in 2016 nationally by the leading banking publication American Banker Magazine and named one of Florida’s Best Companies to Work For by the statewide business magazine Florida Trend. For more, visit www.apollobank.com or call (305) 398-9000.

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