Financing Completed for New Hotel at Fort Meade

A company working with the Army has raised $465 million to assist building thousands of hotel rooms at military bases across the country, including a Candlewood Suites at Fort Meade.

Lend Lease said it closed the third round of financing tied to the Privatization of Army Lodging (PAL) program. The company will use the money to fund construction of 3,800 rooms at 18 installations. Included in the project will be a 243-room Candlewood Suites, due to break ground at Fort Meade this summer. 

A Lend Lease spokeswoman said the hotel will feature a fitness center and business center, breakfast area, swimming pool, free breakfast, free high-speed Internet and laundry services. 

The PAL program began in 2009 when Lend Lease bought 10 on-post hotels. It was asked to implement a second phase in 2010 to renovate hotels at 11 more installations. Lend Lease was offered the third phase October of 2011. 

At completion of all three phrases, the PAL program will result in 11,000 new or renovated hotel rooms at 39 military installations. All of the hotels are either Candlewood Suites or Holiday Inn Express.

Under the PAL program, Lend Lease assumes operating of the hotels through 2059, and is required to invest any money above operating costs into keeping the facilities updated.

See also:

• Beyond BRAC at Fort Meade