Tuesday May 6th, 2014 - 10:19AM
SAN DIEGO—Lankford Phelps Portman, a real estate joint venture comprised of Portman Holdings, Lankford & Associates and Hensel Phelps, 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 sq. ft. 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 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,” stated 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, SVP, 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.”
General contractor Hensel Phelps plans to break ground immediately and the project will open in early 2016.