Developer gets unique financing for hotel on Pensacola Beach - al.com

Developer gets unique financing for hotel on Pensacola Beach - al.com: "It took a partnership among a bank and two military credit unions to secure $38 million in loans for building a 206-room Holiday Inn on Pensacola Beach.

Site work has begun on the 11-story Gulf-front hotel set to open in 2011, according to Julian MacQueen, chief executive and founder of Innisfree Hotels Inc., which is developing the Holiday Inn.

Construction was supposed to start a year ago, but a different bank 'threw me under the bus' and backed out just before the loan was to close, he said."