DALLAS—Hall Structured Finance (HSF) has closed a new first lien construction loan totaling $23.2 million to finance the development of a dual-flagged Hyatt House and Hyatt Place hotel in East Moline, IL. This will be Hyatt’s first development of a blended hotel, with a shared front desk and lobby amenities, and will serve as the company’s prototype for future dual-flagged developments. Dan Murphy with Great River LLC is the project’s sponsor.
The nine-story, 233-room hotel will have 134 upscale Hyatt Place rooms and 99 all-suite extended-stay Hyatt House rooms, and will be operated by Olympia Hotel Management. Great River, in conjunction with the City of East Moline, has plans to develop the 132-acre site of the former Case/International Harvester plant, where the hotel will be located, into a mixed-use development in two phases. The first phase is 42 acres and will include the new hotel, 324 class-A multi-family units and a public park. In addition, two restaurants and four retail sites are expected to soon be under development. A 60-mile jogging and biking trail also runs along the levy that separates the hotel from the Mississippi River.
“The project’s superior location right on the Mississippi River, strong local economic climate and distinguished Hyatt flag made this a model investment for us,” said Mike Jaynes, president of HSF.