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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.
“We are truly excited that the Sheraton Hotel is fully funded, and one of our local lenders has supported and believes in the economic stimulus project,” says Convention and Visitors Bureau Director Elliott Falcione in a release. “The Convention Center Sheraton asset will enforce our diversified outreach in the marketplace that will ultimately feed our urban core, resulting in improved quality of life for our residents.”
The 252-room property is being developed by Improvement Network Development Partners, in partnership with global hotel management company Interstate Hotels and Resorts and Aimbridge Hospitality. According to the press release, the Palmetto Sheraton at the Bradenton Area Convention Center will see millions of annual business and leisure travelers step through its doors. Construction is expected to finish up in the next 24 months.
"Many of us have been waiting for a hotel like this to be built near the Convention Center for 25 years because we know it will benefit Palmetto greatly,” says Palmetto Mayor Shirley Groover Bryant in the release. “This entire project has been a tremendous partnership featuring the city and (Manatee) County, the development and financing teams and the Florida DOT. I look forward to celebrating with a ribbon-cutting when construction is complete.”
The four-star hotel is located at 600 U.S. Highway 41 N. It’s going to feature a restaurant, ballroom, rooftop lounge, state-of-the-art fitness center and a pool with a Tiki bar.
“The development of the Sheraton Hotel Bradenton is monumental for the area’s tourism industry and its continued recognition as a top-tier destination,” says Jeff Woodin, senior commercial loan officer with Centennial Bank. “As a relationship-building bank, we are delighted to work alongside community leaders and experience firsthand the expansion underway in Manatee County.”
Centennial Bank is one of the largest commercial real estate lenders in Florida, working with the region’s key players and closing more than $300 million in total loan volume in Southwest Florida in 2021.
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