- Funding Needed
- $110.1 (Mio)
- EB5 Funding
- $82.5 (Mio)
- EB-5 Investors
- Investment Amount
- Accommodation and Food Services
- Hotels (except Casino Hotels) and Motels
- 1270 Columbia Street, San Diego, CA 92101
- Last Update: February 04, 2015 01:00 PM
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Hyatt Place and Hyatt House hotels
- Developer Name
- SD Hotel Fund 1 LLC
The Project will be the development of two combined 424-room Hyatt-branded hotel facilities in downtown San Diego, California, with shared facilities, which will be known as the Hyatt Place and Hyatt House hotels (the “Facilities”). The Facilities will be located at 1270 Columbia Street, San Diego, CA 92101 (the “Property”). The Property is located in the County and City of San Diego in the downtown area and near the waterfront (San Diego
Bay) at the southeast corner of India and A Streets approximately two miles south of the San Diego International Airport. It is anticipated that the Facilities will include a swimming pool,exercise facility, parking, and all administrative functions and resources.
The San Diego Hyatt House & Hyatt Place Hotel is a new-build project located in the central Downtown San Diego business and leisure area, near the renowned San Diego Convention center and 3 miles from the San Diego Airport.
19-story, 402-room Hyatt House & Hyatt Place Hotel complex with shared business, dining and luxury amenities.
Hyatt Place will have 267 rooms, and Hyatt House will have 135 rooms.
Developer already owns the land (currently being operated as a parking lot) and has the government entitlements to develop the Hotels.
$110 Million USD project, consisting of $27.6 Million USD of equity from the developer and an anticipated $82.5 Million USD of EB-5 capital to be used as a secured loan to the project owner.
SD Hotel Fund 1 LLC (“Fund”) seeks to raise $82.5 million USD in EB-5 Funding
Fund will lend the $82.5 million (“Loan”) to the Developer for a 5-year term (subject to a two year extension).
Loan will be secured by a senior first lien on the land; building; furniture, fixtures & equipment (“FF&E”); and all net revenues from the operation of the Hotels.
EB5 Investors will be first in line to receive all proceeds from the sale or refinancing of the Hotels. There will be no other debt on the property.
All investors will receive, from the sale or refinancing of the Hotels, their $500,000 EB investment plus a 1%
Construction is preliminarily scheduled to start in October 2014 and will continue for 26 months, with a planned completion in December 2016.
The general contractor will be one of the top construction companies operating in southern California, such as Turner Construction or Hensel Phelps, selected on a competitive bid basis
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