New hotel near PIE lands construction loan
By Breanne Williams
Tampa Bay Business Journal
Published: Sep 21, 2023

An entity tied to Maryland-based Baywood Hotels has secured a $17.6 million construction loan to build a Hilton Home2 Suites hotel near St. Pete-Clearwater International Airport.

Miami-based Ocean Bank provided the loan to PIE Ulmerton Hospitality LLC.

The 128-room hotel will be five stories, and construction is expected to begin in October, according to Eddie Diaz, executive vice president and head of corporate lending at Ocean Bank.

Senior Vice Presidents Federico Tunnermann and Evelio Herrera arranged the loan for Ocean Bank.

“[Baywood Hotels’] Chris Desai and Al Patel are long-term customers of Ocean Bank and are well versed in the development and hospitality sectors, which are strong areas of focus for the bank,” Diaz said in a statement. “This loan adds another financing by Ocean Bank in the growing Central Florida corridor.”

The Baywood Hotels entity purchased the 1.68-acre site at 4485 Ulmerton Road in June 2022 for $3.02 million, according to county property records.

Baywood Hotels was established in 1975 and has offices in Miami, Denver, Rochester, New York, San Antonio and Northern Virginia. According to the company’s website, its portfolio includes brands like Marriott, Hilton and InterContinental Hotels Group. The group and its affiliates employ more than 3,000 associates in the hospitality industry.