Lankford Phelps Portman, a real estate joint venture comprised of Portman Holdings, Lankford & Associates and Hensel Phelps, announced today that it has secured financing for a hotel development at Lane Field, a site owned by the Unified Port of San Diego. AIG Global Real Estate Investment Corp will serve as limited partner to the development venture, while U.S. Bank will provide construction debt financing.
The development will include a 253-room SpringHill Suites and a 147-room Residence Inn, in addition to approximately 27,000 square feet of retail space and more than 400 parking spaces. SpringHill Suites is a select-service brand while Residence Inn is an extended-stay brand, both in Marriott’s portfolio. The project’s hotels will have a unique design approach that creates superior and differentiated guest experiences at each property. John Portman & Associates will provide architectural services, supported locally by Joseph Wong Design Associates.
“The Lane Field project is thrilling for a lot of reasons: it’s on an unbeatable site that affords us the privilege of working with the Port of San Diego and AIG once again; both hotels are strong brands; and we’re part of a fantastic development team,” said Ambrish Baisiwala, CEO of Portman Holdings. “Portman has a long history in hospitality development, and this will be another world-class project to add to our track record.”
“The Port of San Diego is looking forward to the transformation of the Lane Field property ““ one of the most historic landmark sites in San Diego ““ with a high quality hotel and public park along Harbor Drive,” said Chairman Bob Nelson of the Board of Port Commissioners. “This hotel development helps fulfill our vision for a vibrant waterfront.”
The development site is located on N. Harbor Drive across from San Diego’s new cruise ship terminal” part of the city’s North Embarcadero Visionary Plan. Development plans include an approximately 1.6 acre public park with access to the waterfront.
“We are very excited to bring this dual branded property to Downtown San Diego,” said Janis Milham, senior vice president, Modern Essentials and Extended Stay Brand Management, Marriott International, Inc. “Both brands are well suited for business and leisure guests. Residence Inn is an extended stay power house, known for its unique service and amenities, while SpringHill Suites’ design and style are refreshing and popular in the select-service space.”
“As one of the top banks in the San Diego area and one of the largest commercial real estate lenders in the country, U.S. Bank is proud to finance the development of these two bay front Marriott flagged hotels,” said Jim Nigro, market manager for U.S. Bank Commercial Real Estate in San Diego.
General contractor Hensel Phelps plans to break ground immediately and the project will open in early 2016.
