Joint venture to develop two hotels at Historic Liberty Station in San Diego, CA
Baltimore, MD – Alex. Brown Realty (ABR), a national real estate investment company, announced today that it has entered into a joint venture with Huntington Hotel Group, a Texas-based hotel development firm, for its fourth hotel project together. Two hotels, located in historic Liberty Station, the San Diego redevelopment project on the grounds of the former Naval Training Center (NTC), will be built and ready for completion mid to late 2007.
A 200-room Courtyard by Marriott and a 150-room Hilton Homewood Suites will be built on an 11.9-acre site on the southwest corner of Liberty Station. ABR provided equity financing for the project totaling $17.1 million.
“We are quite proud of our investment in such a meaningful redevelopment project so vital to this wonderful city,” said Thomas R. Burton, ABR’s chief investment officer. “We are especially pleased to join forces with our partner once again, Huntington Hotel Group, for our fourth exciting joint venture. We feel that our roots in Baltimore, MD, where redevelopment has been nationally recognized for years, brings strength to the efforts being made to transform the former Naval Training Center into an exciting environment.”
Construction of the hotels also includes a piece of the waterfront esplanade, a path for walking and biking, that will connect the NTC Park to the north and the Harbor Drive pedestrian bridge to the south and provide uninterrupted access to Spanish Landing and downtown.
Liberty Station is being master developed by The Corky McMillin Companies in collaboration with the City of San Diego’s Redevelopment Agency. The redevelopment project on the grounds of the former Naval Training Center in San Diego is expected to create more than 8,000 permanent jobs and $2.2 million in annual property tax revenue.
The 360-acre Liberty Station community will include 125 acres of open space, including a 46-acre waterfront park and boat channel with connections to the San Diego Bay; shopping villages and restaurants; a 28-acre civic, arts and cultural district; the nine-hole Sail Ho Golf Club; three planned hotels on two sites; a seven-building office district; a residential district that includes 349 homes in three distinct neighborhoods; and a 22-acre educational district. For more information, visit www.libertystation.com.
Alex. Brown Realty Inc. is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. Alex. Brown Realty co-invests with clients and joint venture partners in properties located throughout the United States. Alex. Brown Realty investment affiliates have acquired apartment units, office and retail space, hotels and residential building lots in excess of $1.5 billion. www.abrealty.com
Huntington Hotel Group is owned and operated by Brent Andrus and Kevin Keefer; Huntington specializes in hotel development, hotel operations, financial management and construction management. It has developed more than $200 million in real estate in California and Maryland over the past six years, including five Marriott Hotels in San Diego County. http://www.huntingtonhotelgroup.com