Laserfiche WebLink
<br />Economic Development Overview <br />1995-2006 <br /> <br />Marina Committee <br />April 10, 2007 <br /> <br />Residence Inn (continued) <br /> <br />. Status: Agreement negotiated, <br />entitlements approved, ground lease <br />approved by Council <br /> <br />. Hurdle: Developer unable to obtain <br />financing <br /> <br />. Lesson Learned: The hotel market is <br />volatile <br /> <br /> <br />SF Bay Conference Center (continued) <br /> <br />. Status: Agreement negotiated, <br />entitlements approved, ground lease <br />and a $15m loan to developer <br />approved by Council <br /> <br /> <br />. Hurdle: Developer unable to obtain financing at <br />peak of conference center/ hotel market <br /> <br /> <br />Residence Inn by Marriott <br />1995-1997 <br /> <br />. Project: 120 room hotel, no restaurant <br />or meeting facilities <br /> <br /> <br />SF Bay Conference Center <br />1996-98 <br /> <br /> <br />. Project: High quality state-of- <br />the-art 20,850 SF conference <br />center, 200 room hotel, <br />restaurant, lounge, fItness center <br />and pool <br /> <br />SF Bay Conference Center (continued) <br /> <br />. Lessons Learned: <br />- A full-service hotel must be in an urban downtown, <br />major employment center or travel destination <br />- San Leandro is a secondary market <br />- Competition influences development <br />- A conference center could work given proximity to <br />airport and Bay Area location <br />- The conference center was too large and high-end <br />(positioned to compete with the Claremont and <br />Lafayette Park) and did not meet the design <br />standards of brand hotels <br />- Hotels are a high risk investment <br /> <br />2 <br />