Portman and Phelps to Start Construction on Hilton San Diego Convention Center
$348 million Project Completely Financed with Private Capital
ATLANTA, GA /GREELEY, CO, January 23, 2006. Officials of Portman Holdings and Phelps Development, co-developers of the 1,190-room Hilton San Diego Convention Center, today announced that construction financing has been completed on the $348 million project with San Diego National Bank. The hotel is the result of a team effort between Portman Holdings, Phelps Development, ING Clarion Partners, Hilton Hotels Corporation and the Unified Port of San Diego. Construction is expected to begin shortly with a planned fall 2008 opening.
"This project has been under development for nearly four years, and it is gratifying to clear the last hurdle," said Thomas Arasi, president of Portman Holdings. "This hotel will have a dynamic impact on both San Diego's skyline and economy, and will dramatically enhance the marketing strength of the Convention Center."
"This property not only is likely to be the largest single hotel project undertaken in 2006, it will be," said Thomas Wierdsma, director of development for Phelps Development. "The hotel has a prime, unduplicatable location in San Diego, on the waterfront, adjacent to the Convention Center and directly across the street from PETCO Park and the historic Gaslamp Quarter."
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