Loan for Key Downtown Hotel Approved

SAN DIEGO-A development company headed by John Moores, the owner of baseball’s San Diego Padres, says his company has secured $104 million in financing for a 512-room hotelin the Downtown Ballpark District and will break ground later this month.

Moores’ JMI Realty will also invest $44.5 million of its own capital into the project, which will fly the Westin banner. The hotel is the first and largest of a trio of hotels slatedfor the burgeoning area.

The loan was provided by WestLB of Germany and Bank One. JMImight also tap the two banks for financing of a 203-room AmeriSuiteshotel expected to break ground in the same area in a few months. Thecompany also wants to build a smaller 105-room hotel in the area.