Developers announced today that they have secured financing for the second phase of BRIC, a hotel centric mixed-use development formerly known as Lane Field, in San Diego, and will begin construction May 10. The InterContinental® Hotels & Resorts property will feature 400 guest rooms atop ground-level restaurants and shops along Broadway and Pacific Highway in downtown San Diego. Hong Kong-based China Orient Asset Management International (COAMI) provided equity financing and PNC Bank, N.A. & Regions Bank provided construction loans for the approximately $217 million development.
“Beginning construction of this second phase of BRIC’s development is a major milestone for a significant addition to San Diego’s North Embarcadero area,” said Ambrish Baisiwala, CEO of Portman Holdings. “We have been working with our partners at Lankford & Associates and Hensel Phelps for many years to bring this entire mixed-use development to fruition, and are thrilled to break ground on this new phase, bringing the first full service luxury property to San Diego’s waterfront in quite some time.”
The development team consists of Portman Holdings, Lankford & Associates and Hensel Phelps. The joint venture also developed BRIC’s first phase together, the adjacent SpringHill Suites and Residence Inn, which opened earlier this year.
“COAMI is delighted to be participating in this project with Portman Holdings, whose experience developing quality hotels in the San Diego market is unparalleled,” said Lijian Chen, CEO of COS Capital, a subsidiary of COAMI. “The location of this hotel, which will be close to downtown, the cruise line terminal, and the convention center, and its sweeping views of the waterfront, make it a uniquely attractive property.”
Plans for the 18-story hotel include a signature restaurant and bar located on level three, with expansive views of the San Diego Bay. It is part of several multi-level indoor/outdoor terraces and balconies that offer similar views. The hotel will have 23,000 square feet of ballrooms and meeting space. The two ballrooms each have a full glass wall with views of downtown and the bay. Also included is an outdoor pool, fitness center, spa and rooftop bar. The development, along with its 32,850 square feet of ground-level restaurants and shops along Broadway and Pacific Highway, will include a landscaped walkway and plaza along Broadway, and 686 parking spaces in a subterranean garage, 271 of which are available to the public.
“We are extremely pleased to be growing the InterContinental Hotels & Resorts portfolio on the West Coast with the addition of this outstanding hotel in San Diego,” said Joel Eisemann, Chief Development Officer, The Americas, IHG. “We also look forward to continuing to work with Portman, which has an impressive track record of developing and owning great hotels.”
John Portman & Associates is designing the building, and general contractor Hensel Phelps plans to complete construction in September of 2018.
About Portman Holdings
Throughout the past 60 years, Portman Holdings has developed over 60 million square feet of premium real estate around the world with a focus on hospitality, office and mixed-use properties. The vertically integrated real estate development, investment and management company commands a successful global network and has a proven track record with the world’s top financial institutions. Portman Holdings continues to achieve success through investor, partner and client relationships that deliver exceptional real estate projects. For additional information, visit www.portmanholdings.com and follow the company on Twitter via @PortmanRE.
About Hensel Phelps
HENSEL PHELPS Plan. Build. Manage. From planning and design to construction and facility management, Hensel Phelps works to solve their clients’ challenges from concept through occupancy, and beyond. Hensel Phelps clients, both domestic and international, have entrusted them with a tremendous range of landmark projects, in nearly every market sector. Established in 1937, the employee-owned company delivers value through their People, Processes, Partnership and Technology, collectively recognized as The HENSEL PHELPS Way. Visit www.henselphelps.com and follow the company on Twitter via @HenselPhelps
About Lankford & Associates
Lankford & Associates (www.lankfordandassociates.com) was founded in 1982 to acquire, develop, and manage commercial property in Southern California. Headquartered in San Diego, Lankford & Associates has completed more than 12.2 million square feet of development at a total value of $2.3 billion. The company is experienced in developing large-scale commercial real estate projects, including Class A office buildings, government facilities, biotechnological and medical facilities and mixed-use residential projects. It is currently involved in the redevelopment of a five-block area in San Diego’s East Village known as Makers Quarterâ„¢, the Lane Field Hotel Projects in Downtown San Diego and in the new Sharp medical facility in Rancho Bernardo in North San Diego County.
InterContinental Hotels & Resorts has 184 hotels located in more than 60 countries with local insight that comes from over 60 years of experience. As a brand, we believe that superior, understated service and outstanding facilities are important, but what makes us truly different is the genuine interest we show in our guests. Our desire is to help guests make the most of their time. We connect our well-traveled guests to what’s special about a destination, by sharing our knowledge, so they enjoy authentic experiences that will enrich their lives and broaden their outlook. For more information, visit http://www.ihg.com/intercontinental, https://twitter.com/InterConHotels or http://www.facebook.com/intercontinental.
About COS Capital
China Orient Summit Capital (“COS Capital”) is a JV formed by China Orient Asset Management Company and real estate specialists China Summit Capital. China Orient is one of four main national asset management companies in the PRC, with assets of USD 63 billion at the end of 2015. COS Capital was founded to invest and manage real estate globally on behalf of institutional investors, including COAMC. For additional information, visit www.cos-capital.com
About PNC Bank, N.A.
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $122 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,650 banking offices and 2,000 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About John Portman & Associates
John Portman & Associates (JPA) is an internationally renowned architectural design firm with offices in Atlanta and Shanghai. Established in 1953, JPA has over 60 years of expertise in designing hotels, offices, residences, and mixed-use urban complexes. JPA projects can be seen in more than 60 cities worldwide. The firm’s architecture transcends national borders by striving for universal human appeal, delivering a memorable experience for users and a sound investment for owners and operators. For more information on John Portman & Associates, visit www.portmanusa.com and follow the company on Twitter via @JPortmanAssoc.