Both hotels are within blocks of the medical center, which has an equity investment in the projects.
"The Hampton Inn has been a welcomed addition to our downtown campus serving our patients' families and visitors," Matt Taylor, vice president asset strategy for Orlando Health, said in a written statement. "The new TownePlace Suites will further enhance hospitality options for the Downtown South neighborhood."
The new six-story hotel is being built with the help of a $17.3 million construction loan from American Momentum Bank. The bank has provided HG Management with $25 million in financing for projects over the last several years.
SoDo, which stretches from Pineloch Avenue in the south to the district's northern boundary at Gore Street, has seen a tide of new development in recent years. In addition to the Hampton Inn & Suites, the Intram Investments-Bluerock Commercial joint venture at the corner of Pineloch and Orange is nearing completion with the opening of Lucky's Market last month. The neighboring ECCO on Orange apartments by LeCesse Development will be delivered later this year.
Other SoDo projects opening soon include Delaney Hotel and café and Rock Pit Brewing.
"The South Downtown market is going through quite a bit of revitalization," MG Management partner Jeff Meehan said in a written statement. "The Hampton Inn next door exceeded everyone's wildest expectations, and we know this area has enough activity to support hotels. TownePlace Suites is a great product and this new property will be in a great location."
City and state government are doing their part to make sure the district's economic rebound doesn't fizzle The city is about to start a $6.4 million reconstruction of Orange Avenue in two phases over the next five years.
In addition to repaving the thoroughfare, the city will build ADA-compliant, decorative crosswalks enhanced with the SoDo logo and orange slice motif. New landscaping and sidewalks are also part of the package along with LED lighting.
The Florida Department of Transportation has agreed to spend $5 million on a 10-foot-wide, paved pedestrian and bike trail along Division Avenue, providing connectivity to the SunRail Station at Orlando Health.
Martin Hudson, economic development director for the Downtown South Neighborhood Improvement District, said the combination of public infrastructure improvements and private investment will make SoDo "probably one of the next big moments of economic development in the city of Orlando."
HG Management has developed $1.8 billion worth of projects in the past 20 years. The company's products include marinas, office, industrial, multifamily for sale and rental, single-family planned developments and hotels throughout Florida.
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