 |
| 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
No comments:
Post a Comment