ST. LOUIS, May 29, 2008 (PRIME NEWSWIRE) -- Advantage Capital, a leading venture capital and small business finance firm, recently completed a transaction enabling the construction and operation of the Hilton Garden Inn at NorthPark. Advantage partnered with Pulaski Bank on the $18 million investment, and a portion of the funding was made in connection with Missouri's New Markets Development Program.
"We expect this project to serve as a catalyst for significant economic activity, both in the NorthPark development itself as well as the larger surrounding area," said Jeremy Degenhart, Advantage Capital senior vice president. "NorthPark Partners' vision of creating an extensive development consisting of thriving businesses is an economic boost to an underserved community. We're confident the hotel will be a beneficial addition and that it will attract many visitors traveling in and around St. Louis."
The hotel project will include the construction of a 136-room, four-story hotel with suites, single and double rooms, as well as a restaurant. It will also include state-of-the-art amenities such as meeting rooms, room service, an indoor pool and fitness center. In addition, the hotel will be attached to a 5,000 square-foot conference center.
The Hilton Garden Inn will make its home at the new NorthPark development, located at the northeast corner of Interstates 70 and 170, in the cities of Kinloch, Berkeley and Ferguson. NorthPark Partners, consisting of McEagle Properties, LLC and Clayco Realty Group, will redevelop the 550 acres located along the eastern perimeter of Lambert-St. Louis International Airport to form the 5.5 million square feet of office and retail space. The new hotel will be managed by Lodging Hospitality Management, which currently manages more than 15 hotels in the St. Louis metropolitan area.
"The hotel will bring 30 new permanent jobs to the area and generate significant new tax revenue in an underserved region poised for growth," noted Chris McKee, president of McEagle.
The Hilton Garden Inn will be the closest hotel to the University of Missouri St. Louis campus. A new MetroLink mass transit stop, known as NorthPark Station, is planned to support the commercial development. The project is expected to be completed before the end of 2008.
Advantage Capital's portion of the investment was made possible through Missouri's New Markets Development Program, a state economic development tool designed to encourage investment in low-income communities throughout the state.
About Advantage Capital Partners
Advantage Capital Partners (www.advantagecap.com) is a leading venture capital and small business finance firm focused on early stage companies and other investments supporting state and local economic development efforts. With offices and partners in St. Louis, New Orleans, Austin and other U.S. cities, Advantage has raised more than $950 million in institutional capital since 1992 and invested in companies located in geographic areas underserved by traditional venture capital.