U.S. Department of Agriculture (USDA) Rural Development (RD) Florida State Director Lakeisha Hood Moїse announced today that USDA is investing $24,730,000 to help improve hotels and strengthen the local economies in Palatka and Miramar Beach.
“The investments we are announcing today demonstrate how USDA is partnering with rural businesses to open the door to create new economic opportunities for communities and people who historically have lacked access to critical resources and financing,” said Hood Moїse.
This investment will be made through USDA RD’s Business and Industry Loan Guarantee program, which helps improve the economic health of rural communities by increasing access to business capital through loan guarantees.
Miramar Beach Hotel Partners will receive a $15,650,000 loan guarantee to tear down an existing Quality Inn and Suites and build a 109-key TownePlace Suites by Marriott, an extended-stay hotel with almost twice the occupancy of the former property. Located near Emerald Coast Parkway, this is a highly desirable location with access to the beach and shopping outlets.
In Palatka, Chosen Palatka will receive a $9,080,000 loan guarantee to acquire a 72-room Holiday Inn Express. This area serves as the main marina for St. John's River and has a strong focus on eco-tourism.
“These investments enable commercial lenders to provide affordable financing for rural businesses and create good jobs for people in rural areas now and in the future,” said Hood Moїse.
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