HALL Stuctured Finance announced the company has closed a lien construction loan totaling $23.2 million to finance the development of a dual-flagged, 233-room Hyatt House and Hyatt Place hotel in East Moline, Illinois.
The hotel will be the first dual-concept from Hyatt and will be a prototype for future developments.
The 9-story, 233-room hotel will feature 134 uspscale Hyatt Place rooms and 99 all-suite extended-stay Hyatt House rooms. The 132-acre site will be developed into a mixed-use property in two phases. The property will include a new hotel, 324 multi-family units, a public park, two restaurants and four retail sites. A 60-mile jogging and biking trail also runs near the hotel.