May 26, 2016
Construction is underway on a new 18-story InterContinental hotel near San Diego’s waterfront, scheduled to open in the fall of 2018. The $217-million, 400-room downtown luxury property is the second phase of the former Lane Field site and adds to the dual-branded hotels, Marriott SpringHill Suites and Residence Inn, for a total of 800-rooms.
Located at the intersection of Broadway and Pacific Highway, the plans include 32,850 square feet of luxury retail and restaurants at the ground level, landscaped walkways and plazas, as well as a rooftop bar, a 686-space subterranean garage with 271 public spaces, and 23,000 square feet of ballrooms and meeting space.
Atlanta-based Portman Holdings teamed with San Diego-based Lankford & Associates and Irvine, CA-based Hensel Phelps on the project. Hong Kong-based China Orient Asset Management International provided equity financing, while PNC Bank, N.A. & Regions Bank provided construction loans for the second phase of development.