Saturday, April 21, 2012
Wilton development firm helps reopen Manchester hotel
Franklin Savings Bank and Georgetown Savings Bank closed on a $5.25 million development loan to Germania Front, a joint venture partnership between Alta Properties and Wilton-based Roedel Companies, to finance the renovation of the former Clarion Hotel to The Falls Center and La Quinta Inn and Suites in Manchester.
Located at Amoskeag Falls, The Falls Center and La Quinta Inn and Suites features 109 guest rooms, business center, meeting space, fitness room and outdoor swimming pool.
Partner of Roedel Companies, David Roedel, said the investment by Franklin Savings Bank and Georgetown Savings Bank allowed the organization to rejuvenate a prominent gateway into Manchester.
“The loan provided the significant financial piece we needed to redevelop this property and improve the building’s overall functionality,” Roedel said.
The Manchester Development Corporation also provided a $500,000 development loan to Germania Front, LLC for the project.
An 11,000-square-foot restaurant and conference center is still being finalized.
– Telegraph Staff
Read the full article at www.nashuatelegraph.com.