Hotel Development Planned in Stuart, FL
Marriott International Approves 120-Unit Courtyard by Marriott
WATERFORD, CT, August 10, 2006. A Connecticut-based developer has announced plans to build a brand new 120-unit Courtyard by Marriott in Stuart, Florida. The development is a joint venture between Pittsburgh-based FFC Capital Corporation and Connecticut-based Waterford Hospitality Group, LLC. Scheduled to open in 2008, the $16 million hotel will be located at 95 Riverside, with direct access from both Interstate 95 and Florida's Turnpike.
According to the developers, who have worked closely with the Business Development Board of Martin County on this project, a non-refundable deposit has been placed on the parcel of land located at the intersection of I-95 and State Road 76. The group expects to close on the land in late 2006/early 2007.
"This location coupled with this hotel brand will clearly become a market leader," said Fred Branovan, President and COO of FFC Capital Corporation. "The Stuart area is a developing area and an attractive location for hotel development," said Rob Winchester, President and COO, Business Development for Waterford. "Based on our review of the market, we believe that a Courtyard by Marriott will be a welcomed alternative for the business and leisure traveler looking for first-class accommodations in the area." Waterford Hotel Group, a national hotel management firm currently operating 26 properties in 8 states, will operate the Stuart Courtyard by Marriott.