Downtown San Diego is getting a 400-room InterContinental Hotel & Resort near the waterfront. Lankford-Phelps-Portman (LPP), a JV of Atlanta-based Portman Holdings, local developer Lankford & Associates and Irvine, CA’s Hensel Phelps, has broken ground on the $227M project. Hong Kong-based China Orient Asset Management International provided equity financing for the project's second phase, and construction loans were provided by PNC Bank and Regions Bank.
The 18-story hotel at Broadway and Pacific Highway is the second phase of a multi-use development with 800 hotel rooms called BRIC— a word play on the location—on a site known as Lane Field when the Padres Minor League baseball team played there years ago, the San Diego Union-Tribune reports. The other 400 rooms are in a dual-branded hotel project, with a Marriott SpringHill Suites and Residence Inn, that recently opened.
The InterContinental will be owned by an LLP and managed by Portman. It features the InterContinental Club Lounge restaurant and lounge, a fitness center and a spa. The hotel will offer 21 suites and 23k SF of ballroom and meeting space. Each ballroom will have a full glass wall with views of downtown and the bay. Outdoor spaces include a rooftop bar and pool overlooking the bay. Subterranean parking has 686 spaces, 271 of which are intended for the general public. [SDUT]
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