The transaction is the largest -- and one of just a few -- hotel loans that have closed in the United States since Sept. 11, according to JMI Realty officials.
"With this final hurdle behind us, we will be resuming construction on the Omni San Diego Hotel immediately," says John Kratzer, president of JMI Realty, master developer of the Ballpark District. "Our lending team has remained steadfastly committed with us to seeing this project through."
Adds Tim Wright, senior managing director with Holliday Fenoglio Fowler: "This is the largest of just a handful of hotel loans to close in the U.S. since Sept. 11."
The JMI lending team comprises two lending institutions, Bank One NA and Westdeutsche Landesbank Girozentrale (WestLB), as well San Diego National Bank. Additionally, JMI Realty and Omni Hotels are making significant investments.
The project should be ready for business when the ballpark opens in the spring of 2004, officials say.
Financing of the hotel was delayed after construction stopped, pending the outcome of several lawsuits against the ballpark. The last of the lawsuits was dismissed in January, and construction on the ballpark resumed in February.
The Omni San Diego Hotel will be located directly across from the recently expanded convention center and the new ballpark.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
