Slated for groundbreaking in early 2003, construction will bemanaged by Leddy Ventures, according to company officials. Thehotel will consist of 200 rooms at build-out and will be managed byPresidian Destinations Ltd., an affiliate of Leddy Ventures.

The acquired site is the last remaining site zoned for hoteldevelopment in Rancho Bernardo, says a Leddy Ventures spokesperson.Cross parking easements secured as part of the transaction bringthe total acreage owned or controlled up to 4.5 acres.

The proposed project marks Leddy's first development in SouthernCalifornia and according to CEO and president H. Drake Leddy, thecompany is "thrilled to start the new year off with agroundbreaking on a Hilton Garden Inn in San Diego." He adds that asubstantial growth in the office sector has upped the demand forhotel development in the Rancho Bernardo area. "We are very pleasedthat we were able to capture what may be the last opportunity tomeet this unmet demand," Leddy says.

Continue Reading for Free

Register and gain access to:

  • 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
NOT FOR REPRINT

© 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.