Park Square Homes CEO Suresh Gupta and his partners are prepping to break ground on a 106-key Woodspring Suites extended stay hotel at Champions Plaza. This is a prototype of the 4-story, all-suites hotel.
Park Square Homes CEO Suresh Gupta and his partners are prepping to break ground on a 106-key Woodspring Suites extended stay hotel at Champions Plaza. This is a prototype of the 4-story, all-suites hotel. (SunPark Company)

A development group led by Park Square Homes CEO Suresh Gupta should break ground soon on a new $11 million WoodSpring Suites extended-stay hotel in the Four Corners area.

The 106-key, all-suite hotel is the second phase of Gupta's Champions Plaza project, a 38-acre town center at the southeast corner of Bella Citta Boulevard and U.S. 27 in Polk County.

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The moderately-priced hotel will offer standard Wi-Fi, but lacks a pool and other amenities found in more upscale brands. A construction start awaits final permit approval from county staff.

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"It's extended stay, so we'll do weekly rates and offer bed service once a week," Gupta told GrowthSpotter. "If they want it more frequently, they have to pay for it."

Each suite will have a fully outfitted kitchen and living area. Gupta said he expects to appeal to construction workers, distribution center workers and budget travelers.

Jacksonville-based Integrated Construction, which completed a WoodSpring Suites in 2016 in Largo, is the general contractor. Central Bank is the lender.

Gupta's SunPark Company partnered with NM Residential principal Michael Neiderst on the project's first phase: a 326-unit Class A apartment complex called Champions Vue. Gupta said NM would manage the asset.

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The 326-unit class A apartment project is already permitted and "shovel ready." Construction on the shopping center will start a year later.

"We will have the first building ready by April 1," Gupta said. "The last building should be completed in July."

The town center's retail element is the last phase of the project, and Gupta said the company is still targeting a 45,000-square-foot grocery store as the anchor, with 20,000 square feet of attached inline retail. Outparcels fronting on U.S. 27 are also still available.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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