$80M Waterfront Hotel Set to Open

MONTEREY, CA-The first new hotel to be built here in 20 years will open in May across from the Monterey Bay Aquarium. The 208-room InterContinental-branded Clement Monterey is a development of Pacific Hotel Management LLC, a San Mateo-based company that develops and manages all of the hotels owned by affiliates of Clement Chen & Associates. The total development cost is $80 million, a source familiar with the project tells GlobeSt.com.

Located 120 miles south of San Francisco, the hotel is rising on a historic waterfront site once occupied by the Del Mar Canning Co. Pacific Hotel management president Clement Chen III says a previous developer started construction on the waterfront site more than 20 years ago, but construction came to a halt after only a few foundations were poured. Construction continued intermittently through the years, but the hotel remained little more than a concept and scattered foundations until 2006, when PHM LLC took over the project, he says.

The project “has been on the horizon for many years and we are delighted to be the ones to bring it to life,” he says, adding that due to city zoning limits in effect since the mid-1980s it may be some time before another is built.