Monday, October 27, 2014

George Smith Partners Secures $95 Million in Construction Financing for New Downtown San Diego, CA Hotel


Malcolm Davies
SAN DIEGO, CA (Oct. 27, 2014) – Commercial real estate investment banking firm George Smith Partners has successfully arranged $95 million in construction financing for development partners The Robert Green Company and Montage Hotels & Resorts to construct a new 317-room Montage-branded hotel in downtown San Diego’s Gaslamp Quarter, according to George Smith Partners’ Principal Malcolm Davies.

The hotel will mark the launch of Montage Hotels & Resorts’ newest hotel brand, Pendry, and will be called Pendry San Diego.

“This hotel project has been in the works for more than 10 years, with a variety of challenges to overcome,” explained Davies. 

“George Smith Partners worked extensively with The Robert Green Company and Montage Hotels & Resorts over the past 15 months to finally secure the construction financing they needed.

“This allowed the work to begin on this $138 million hotel development, which had its ceremonial ground breaking earlier this month.”

According to Davies, the development site originally housed a condemned cigar store and parking lot, and was initially being considered by another developer as the site for a new Marriott Renaissance hotel.

During the recession, this interest waned, and an eminent domain issue emerged with the site’s former cigar shop owner.  These factors contributed to the complexity of this proposed development, as well as its lengthy pre-development phase.

The Pendry San Diego will be located on 5th and J streets in Downtown San Diego, three blocks from the San Diego Convention Center.

Planned for completion in the Summer of 2016, the Pendry San Diego will be a twelve-story, 317-room luxury hotel, including 36 suites. The hotel will also feature several restaurants and bars; an outdoor pool, spa, grill and fitness area on the third floor deck; as well as ballroom and various meeting rooms.
  
For a complete copy of the company’s news release, please contact:

Corynne Randel/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940

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