Hotel gets $25 million boost it needs to go skyward

Construction is expected to wrap up in 24 months.

By Business Observer Staff
| 2:00 p.m. February 15, 2022
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The Palmetto Sheraton at the Bradenton Area Convention Center is going vertical now with a $25 million construction loan from Centennial Bank. (Courtesy photo)

Manatee-Sarasota

PALMETTO — A $15 billion bank recently provided a major boost for construction to go vertical on a Sheraton-branded hotel in Palmetto, north Manatee County.

The $25 million construction financing loan was provided by Centennial Bank, a full-service financial institution that operates under Home Bancshares Inc. with branches in Florida, Arkansas, Alabama and New York. The construction project began with a groundbreaking and initial site work in 2019, but work slowed when the pandemic hit. Originally, the project was set to be completed last year.