$6.3 million loan will pave path for hotel purchase

SMITHFIELD — A hotel purchase will benefit from a federal loan.

Smithfield Hospitality LLC will use a $6.3 million U.S. Department of Agriculture Business and Industry Loan to help purchase the Sleep Inn & Suites on North Equity Drive. The three-story hotel has 74 rooms.

The borrower plans to make improvements in the parking lot, update the breakfast area and repair the flooring, doors and furniture.

The $6.3 million loan was among the loans and grants that Basil Gooden, the USDA’s under secretary for rural development, announced on Thursday. The recipients are taking part in the federal Rural Partners Network.

“The Biden-Harris Administration has fought to win unprecedented resources for rural communities, and the Rural Partners Network gets them to the people who need them most,” Gooden said. “These latest investments help ensure every community in this country has clean water and energy, good jobs and a prosperous future.”

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