Epelboim Development Group secured a $21.5-million loan to finance the development of a new Tru by Hilton hotel in Orlando.
The eight-story, 259-suite Tru by Hilton on Westbrook Avenue in Orlando will be located across from the Orange County Conveyor Center. The property is expected to open in the fourth quarter of 2019. Noel Epelboim, president and CEO of Epelboim Development Group, said the loan is part of the company’s capital stack, which also includes private equity and EB-5 capital totaling $39.5 million.
The hotel’s construction loan originated with BridgeInvest. Tanya Little, CEO of Hart Capital Partners, placed the $21.5-million loan.
When completed, the new Tru by Hilton planned for Orlando will be the largest Tru by Hilton property to date.
Epelboim Development Group is also in the final stages of opening an EVEN Hotel in Miami, as well as two other hospitality projects in Georgia. The company provides real estate development of residential, commercial and hospitality projects, primarily in the U.S. and Latin America. The company was founded in 1986 and is based in Miami.
Hilton recently updated its Tru brand prototype, only a year after opening its first hotel. The prototype was developed by Cincinnati-based FRCH Design Worldwide, and includes updates to guestrooms and public spaces. Many of the changes were made using guest and manager feedback, though the properties’ footprint and back-of-house have been left unchanged.