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SF Bay Conference Center c~o~t~n~ed~ <br />~~.._~. <br />~x . <br />^ Status: Agreement negotiated, ~~~",,; <br />entitlements approved, ground lease .~..~.~, <br />and a $15m loan to developer <br />approved by Council ~ ~ ~~ ' ~~~ <br />^ Hurdle: Developer unable to obtain financing at <br />peak of conference center/ hotel market <br />SF Bay Conference Center c~ont~n~ed) <br />^ Lessons Learned: <br />- Afull-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 />