A city planner says the proposal will go before the Design Review Board this week. The appearance is to respond to priorities established at an early design review meeting that occurred August 15, 2001. If approved, the city's next step would be to issue a final decision on the Master Use Permit for the project.
The site is zoned Commercial and comes with a 65' height limit. Dan Stearns of Extended Stay America did not return a call seeking comment. City Planner Lisa Ritzick says Extended Stay wants to start construction this year.
South Carolina-based Extended Stay America had 431 operating hotels after opening 18 in the fourth quarter. Some 20 more were still under construction, with 10 hotels set to open this quarter and seven set to open in the second quarter. The company says it has invested approximately $2.4 billion in operating hotels and $121 million in hotels under development.
Extended Stay in late January reported that net income for its fourth quarter was $7.5 million or $0.08 per diluted share compared with $0.15 per diluted share for the same quarter of 2000. For all of 2001, net income was $0.72 per diluted share, the same as it was in 2000.
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