Home2 Suites and Tru by Hilton New-Build Financing in 2026: Cost Per Key, Lenders and the Dual-Brand Stack

A new Home2 Suites costs $18.1 million to $26.6 million for the 107-suite prototype and a new Tru by Hilton $14.3 million to $20.7 million for 98 rooms, both before land, according to Hilton's March 30, 2026 franchise disclosure documents. Owners finance them with a construction loan at 55% to 75% of cost, a C-PACE layer on the mechanical scope and 25% to 35% equity. Three kinds of lender write these builds in 2026: Bridge, which lends its own senior capital on Hilton construction from $10 million to $50 million; the banks and hotel debt funds that take the rest of the market; and, for owner-operators under about $15 million, SBA 504.

The brand data makes the case for both. Home2 is the best-performing select-service brand in the Hilton system, 78.0% occupancy and $112.63 RevPAR in 2025 with a 125.1 RevPAR index, and the most built, with 572 U.S. agreements signed and not yet open. Tru runs $91.27 of RevPAR at a lower cost per key, $146,000 to $211,000 against Home2's $169,000 to $248,000. This guide gives the costs, fees and performance, the lenders, the way a loan is sized, and three worked stacks: a Home2, a Tru and the 200-key dual-brand both brands' owners are building. Bridge's Hilton program is on its Hilton owner page.

Key takeaways

• 2026 FDD costs before land: Home2 $169K to $248K per key (107 suites); Tru $146K to $211K (98 rooms).
• 2025 performance: Home2 78.0% occupancy, $112.63 RevPAR, 125.1 index; Tru 71.2%, $91.27.
• Fees: Home2 $100,000, 6% royalty, 3.5% program; Tru $100,000, 5.5%, 4%; 22-year term.
• Bridge lends directly on Hilton construction $10M to $50M; closed $22M Home2 and $15.5M Tru loans.
• Lenders size on stabilized NOI: a 107-suite Home2 at brand-average RevPAR supports about $14M of senior debt.

What do Home2 and Tru cost to build in 2026?

From the Home2 Suites 2026 FDD, which puts the 107-suite prototype at $18,075,688 to $26,550,592 before land and 2025 Item 19 at 78.0% occupancy, a $144.47 ADR and $112.63 RevPAR, with a 6% royalty and a 3.5% program fee, and the Tru by Hilton 2026 FDD, $14,258,164 to $20,659,558 for 98 rooms with 71.2% occupancy, a $128.20 ADR and $91.27 RevPAR, with a 5.5% royalty and a 4% program fee, both issued March 30, 2026. Item 7 excludes real property, and per-key figures are the totals divided by the prototype room counts.

Two things to read into the table. Home2's low end rose about 15% from the 2025 FDD, more than the 4.8% trailing-twelve-month increase in HVS's construction cost indexes, so a 2025 budget is stale. Both brands sit near or below HVS's $170,000 to $197,000 median for limited-service and midscale extended-stay, which is why they lead the select-service pipeline. But the cheaper build is not always the better one: Tru's lower cost per key buys a $21 lower RevPAR, and on a site that supports Home2's rate the extra $23,000 per key earns its keep in the loan sizing below.

Who lends on Home2 and Tru construction in 2026?

Bridge closed more than $500 million of hotel loans in 2025, and the two Hilton construction closings above came from its own balance sheet. Market terms behind rows 2 to 4 are from the Crittenden 2026 hotel lending survey: banks at 65% of cost around 6.75% with coverage starting at 1.25x, debt funds at 70% near 10%.

How do lenders size a Home2 or Tru construction loan?

On the stabilized NOI, with loan-to-cost as the ceiling. Take the 107-suite Home2 at the brand's 2025 average: $112.63 RevPAR produces about $4.4 million of room revenue and $4.55 million in total; at a 40% margin after a 4% FF&E reserve, NOI is about $1.82 million. The three tests:

For a 98-room Tru at $91.27 RevPAR, revenue is about $3.26 million, NOI about $1.25 million at 38%, and the loan lands at $10.4 million to $11.4 million on the same tests, 60% to 65% of a $17.5 million project. The lesson is the same on both brands: the loan follows the NOI, so a site that beats the brand's 2025 average by 15% carries 70% leverage and a site that trails it carries 55%. The full checklist and draw mechanics are in hotel construction loans in 2026.

What do lenders need to see on a Hilton new build?

1. The executed Hilton franchise agreement; approval takes 60 to 90 days, and Hilton's 2026 disclosure requires construction to start within 15 months of approval.
2. A GMP contract with a bonded general contractor and a 10% to 15% contingency.
3. A budget inside the FDD range.
4. An STR competitive-set study and a pro forma that starts at or below Item 19.
5. Sponsor liquidity of 10% to 20% of the loan after closing.
6. A prior hotel or an experienced partner on the guaranty.
7. The exit: a permanent loan sized on stabilized NOI, or a mini-perm.

Hilton issues a Lender Comfort Letter for $3,500 giving the lender notice and cure rights. Key money is discretionary and tilts to upscale brands, so a Home2 or Tru budget should not assume it; the fee concessions Hilton actually granted in 2025 are in Hilton franchise fees by brand.

Worked example 1: a 107-suite Home2 Suites

Building cost $21.5 million (mid-range of Item 7), land $1.8 million, $23.3 million all-in, $218,000 per key.

At $1.82 million of stabilized NOI, permanent debt service of about $1.28 million on the senior loan and $250,000 on the assessment gives 1.19x on the combined stack and a debt yield of about 12.1% on the senior. Most lenders will trim the senior to about $14.3 million for 1.25x combined, pushing equity to $6.2 million. At a 10% RevPAR premium to the brand's 2025 average ($124), NOI rises to $2.1 million and the original stack covers 1.37x.

Worked example 2: a 98-room Tru by Hilton

Building cost $17 million, land $1.2 million, $18.2 million all-in, $186,000 per key. Senior loan $11.4 million (63%) at about 7%, C-PACE $1.8 million, equity $5.0 million (27%). At $1.25 million of NOI the stack for this hotel does not quite close: $11.4 million at 7% on a 25-year amortization costs about $967,000 a year and the $1.8 million assessment at 7.25% about $156,000, so combined coverage is about 1.1x against the 1.25x most lenders want. Trimming the senior to about $10 million, 55% of cost, restores 1.25x and lifts equity to $6.4 million; the 11% debt yield test holds at either size. Bridge's $15.5 million loan on a 106-key Tru is the live comparable: a larger building in a stronger Florida market, financed at a higher absolute loan on higher NOI.

Worked example 3: a 200-key Home2 and Tru dual-brand

Dual-brand builds share the lobby, back of house and site, which is why owners combine them. A 110-suite Home2 and a 90-room Tru at a combined $36 million building cost and $2.5 million of land is $38.5 million, about $192,500 per key, about 5% to 7% under the two single-brand budgets added together. Combined stabilized NOI of about $3.0 million (Home2 at $112.63, Tru at $91.27) supports a $25 million senior loan at a 12% debt yield, 65% of cost, with a $4.5 million C-PACE layer and $9 million of equity. Lenders treat the dual-brand as one credit with two franchise agreements, and the blended RevPAR index above 110 is what gets the leverage to 65% in the example above. The economics across the extended-stay brands are compared in Home2 vs Tru vs Everhome vs Hyatt Studios.

When is a Home2 or Tru build the wrong tool?

• Avoid a Home2 on a site under about $95 of RevPAR. At $218,000 per key the stack covers only on NOI near the brand average or better.
• Avoid a Tru in a market with an existing Home2 inside five miles unless the dual-brand is yours; the brands share demand.
• Avoid SBA 504 above about $15 million of cost. The $5.5 million debenture cap makes the structure too thin.
• Avoid budgeting from the 2025 FDD. Home2's low end moved 15% in one year.
• Avoid starting without the executed agreement. Lenders will not underwrite brand-driven hard costs on a letter of intent, and Hilton's 15-month start clock runs from approval.