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SF Bay Conference Center (continued) <br />■ Status: Agreement negotiated, <br />entitlements approved, ground lease <br />x = f <br />and a $15m loan to developer <br />—� <br />�' gJ <br />approved by Council% <br />■ Hurdle: Developer unable to obtain financing at <br />peak of conference center/ hotel market <br />SF Bay Conference Center (continued) <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 />Z <br />