Navy Federal, Pen Air Partner On $13.2M Project

Published January 02, 2012, 4:31 p.m. EST

Updated August 26, 2020, 11:05 p.m. EDT

1 Min Read

PENSACOLA, Fla. – Navy FCU and Pen Air FCU are partnering to finance a $13.2-million hotel project at Pensacola International Airport here.

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The project will include a 127-room Hyatt Place hotel, with groundbreaking this month and completion slated for the spring of 2013. Vienna, Va.-based Navy Federal is financing 90% of the project; Pen Air FCU, based locally, will finance the remaining 10%.

Navy Federal and Pen Air have worked in the past to finance a project with the same developer, in this case a $60-million, 206-room Holiday Inn in Pensacola.

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