Waterford and Partners Begin Construction in Ithaca
$13 mil, 91-Unit Homewood Suites by Hilton to Open Summer 2007
WATERFORD, CT, July 28, 2006. Ithaca Suites, LLC, a Connecticut-based developer, recently completed site demolition in preparation to break ground on the new Homewood Suites by Hilton in the Village of Lansing, New York. Crews tore down the former Cinema 4 to make room for the new construction. The $13 Million extended stay hotel will be located at 36 Cinema Drive with visibility from State Route 13 in the Village of Lansing, New York. The three-story hotel will include 91 suites, a breakfast buffet, indoor pool, fitness room, and meeting facilities. The hotel, which is slated for a summer 2007 opening, will employ approximately 35 full-time associates.
The new Ithaca Homewood Suites is owned by a partnership of affiliates of Connecticut-based Waterford Group, LLC, Michigan-based Slavik, Inc., and Connecticut developer Glenn Jette. Collectively, the owners bring several decades of professional experience to the project, including hotel development and management, and construction expertise.
Syracuse-based Hayner Hoyt Corporation is serving as construction manager for the hotel. Hayner Hoyt, founded in 1966, is actively involved in all aspects of commercial and industrial construction. Waterford Hotel Group, Inc., with headquarters in Waterford, Connecticut, will professionally manage and operate the new hotel. Tompkins Trust Company of Ithaca is the primary lender providing a construction/permanent commercial mortgage. Washington Trust of Westerly, Rhode Island is serving as a financial participant on the loan.
"The Ithaca Homewood Suites will be a welcomed addition to the Waterford portfolio, Our expertise in development, construction and management will result in a superior product offering first-class accommodations and service to the Ithaca region," said Rob Winchester, President and COO, Business Development for Waterford Hotel Group, Inc.
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