Gaylord Hotels' Expands Footprint with Sixth
Resort and Convention Center in Southern
California
BETHESDA, Md., July 27,
2022 /PRNewswire/ -- Marriott International, Inc.
today announced the commencement of construction on the Gaylord
Pacific Resort and Convention Center (the "Gaylord Pacific"). A
ceremony was held this morning on the 500+ acre Chula Vista
Bayfront, site of the anticipated 1.8 million-square-foot Gaylord
Pacific. The event was attended by the Gaylord Pacific's developers
RIDA Development Corporation ("RIDA Development") and Ares
Management ("Ares"), finance partners, officials from the City of
Chula, Port of San Diego, and
State of California, Marriott
executives, group customers, and other project supporters.
"We are thrilled to announce the growth of the Gaylord Hotels brand
with the addition of the Gaylord Pacific Resort & Convention
Center," said Anthony Capuano, CEO,
Marriott International. "Adding a
West Coast group destination of this scale and quality to
Marriott's portfolio will provide our customers the exceptional
meetings and events service and design that the Gaylord Hotels
brand is known for in a highly desired, premier Southern California location."
Marriott International will manage the resort and convention center
under a long-term management agreement. Russ Mitchell, most recently Director of Sales
and Marketing at the Marriott Marquis San Diego Marina, will serve
as the Director of Sales and Marketing for the Gaylord Pacific and
will lead a team with the goal of pre-booking more than 1.5 million
room nights prior to opening.
The Gaylord Pacific is anticipated to have 1,600 hotel rooms,
including 89 spacious suites with 12 Presidential suites. The
project is expected to welcome its first guests in the summer 2025
and to serve as a key component of the Chula Vista Bayfront,
located in Chula Vista and within
close proximity to San Diego. The
resort will offer 360-degree views with San Diego Bay to the west
and Chula Vista Marina to the south providing unobstructed views
across the bay and on to the Pacific Ocean.
Master of Ceremonies for the event, Ira
Mitzner, CEO of RIDA Development Corp, stated, "The closing
of the Gaylord construction loan and the commencement of
construction will bring over 10,000 construction jobs and over
4,000 direct and indirect permanent jobs to the state of
California. This $1.275 billion project represents the finest of
public-private partnership and will create a strong and unique
economic engine for the City of Chula
Vista, Port of San Diego,
and State of California for many
decades to come."
"We are excited to celebrate the groundbreaking for the Gaylord
Pacific and the further expansion of our collaboration with RIDA
Development and Marriott," said Andrew
Holm, Partner in Ares Real Estate. "We are pleased to have
the support from the City of Chula
Vista, Port of San Diego,
and the State of California, and
we look forward to working closely with them to realize the
potential benefits for stakeholders in the community."
Marriott, together with the owner and development led by RIDA
Development and a Real Estate fund managed by Ares Management,
announced the closing on a $685
million construction loan from Wells Fargo Bank as co-lead
arranger for a nine-bank consortium, including co-lead arranger
Bank of America, documentation agents: Fifth Third Bank, Scotia
Bank, Sumitomo Mitsui Banking Corporation, and participants: Frost
Bank, Goldman Sachs, MidFirst Bank, and Taiwan Business Bank.
A construction loan from JPMorgan Chase Bank as sole lead arranger
in the amount of $383 million was
secured by the City and Port to support the public investment in
the project.
Gaylord Pacific is expected to offer nine signature dining options
with more than 418,746 square feet of indoor and outdoor convention
center space, inclusive of a flexible 143,553-square-feet, carpeted
exhibit hall, up to 62 technologically advanced breakout and
conference rooms, five outdoor event lawns and terraces. Plans for
the hotel include an expansive, glass lobby atrium with spectacular
views of the San Diego Bay along with nine restaurants and bars,
full-service Relâche signature spa and salon, and a
state-of-the-art fitness center. The resort is also slated to
feature a premium outdoor waterpark complex with water slides, a
full wave pool, adult and kid's pools, and a lazy river as well as
ample pool seating and cabanas.
"Chula Vista deserves the best
economic opportunities, and we have always believed our city is
worthy of a world-class bayfront. Many years of effort have brought
us to this point and I am overjoyed this day has finally come,"
said Chula Vista Mayor
Mary Casillas Salas. "The economic
impacts of this investment will reverberate throughout our city and
region with the temporary construction jobs but also the 4,000
direct and indirect permanent jobs that will be created."
Located in sunny Southern
California, the Chula Vista Bayfront is a waterfront site
located seven miles south of downtown San
Diego. The Chula Vista Bayfront will serve as a mixed-use
development, to be built in phases over several years. The
potential economic impact of the project is estimated at more than
$14 billion of economic activity for
the State of California.
"We celebrate our partnership with RIDA Chula Vista, LLC on this
historic day, as we break ground on the Gaylord Pacific Resort and
Convention Center on the Chula Vista Bayfront," said Port of San
Diego Chairman Dan Malcolm. "As a
public-private partnership, this is a model of how government
agencies and the private sector can work together. This world-class
project will fulfill the great potential of this waterfront site —
attracting visitors from throughout the State of California and beyond and creating
massive economic impact for our region."
"The Chula Vista Bayfront in Southern
California provides unmatched waterfront views, and a unique
blend of urban amenities and coastal access. As the largest
undeveloped waterfront site on the West Coast, and with proximity
to San Diego and the
U.S.-Mexico border, our bayfront
is attracting national attention as we continue executing a fully
approved, shovel-ready master plan," said Port of San Diego Commissioner Ann Moore, who represents Chula Vista on the seven-member board. "Our
selected partner, RIDA Chula Vista, LLC, is developing the
bayfront's most high-profile and desirable site – a defining
project for this cherished destination. Our region warmly welcomes
the construction of the Gaylord Pacific Resort and Convention
Center, and we look forward to seeing it take shape along our
bayfront skyline."
Luke Charlton, Chief Operating
Officer of RIDA Development Corporation, summarized today's event
as follows: "Today's groundbreaking is the culmination of decades
of planning that the City of Chula
Vista and the Port of San
Diego led with tremendous foresight; knowing the potential
that the Bayfront held could only be realized when this complex
public private partnership was completed and the catalyst project,
Gaylord Pacific Resort and Convention Center was under
construction. We are grateful for the partnership and support of
Ares, Marriott, the Port, the City, and our lenders as we build the
future of the Bayfront and are proud to bring this world class
convention resort to Southern
California."
Marriott International currently operates five Gaylord Hotels
across Nashville, Tennessee;
Kissimmee, Florida; Grapevine, Texas; National Harbor,
Maryland; and Aurora, Colorado.
About Marriott International
Marriott International, Inc.
(NASDAQ: MAR) is based in Bethesda,
Maryland, USA, and encompasses a portfolio of more than
8,000 properties under 30 leading brands spanning 139 countries and
territories. Marriott operates and franchises hotels and licenses
vacation ownership resorts all around the world. The company offers
Marriott Bonvoy®, its highly awarded travel program. For
more information, please visit www.marriott.com. In addition,
connect with us on Facebook and @MarriottIntl
on Twitter and Instagram.
About Gaylord Hotels
Gaylord Hotels, part of the
Marriott portfolio of brands, offers extraordinary environments
with everything in one place—diverse dining options, full-service
spas, pools, top-notch entertainment, shopping and more. Locations
include Gaylord Opryland in Nashville,
Tennessee; Gaylord Palms in
Kissimmee, Florida; Gaylord Texan
on Lake Grapevine, Texas; Gaylord
National on the Potomac in
National Harbor, Maryland; and
Gaylord Rockies in Aurora, CO.
About RIDA Development Corporation
RIDA Development
Corporation has achieved an international reputation for creating
innovative, high-quality, and successful real estate ventures.
Headquartered in Houston, Texas,
and founded in 1974 by David
Mitzner, RIDA operates major divisions in California, Texas, Florida, and Europe. RIDA is currently managing and
developing retail, office, distribution, residential, hotel and
mixed-use land developments with a value in excess of $7 billion. As one of the nation's most active
conference hotel developers, RIDA's projects have earned it a
reputation as one of the industry's leading development
organizations. For more information, please visit
www.ridadev.com.
About Ares Management Corporation
Ares Management
Corporation (NYSE: ARES) is a leading global alternative investment
manager offering clients complementary primary and secondary
investment solutions across the credit, private equity, real
estate, and infrastructure asset classes. We seek to provide
flexible capital to support businesses and create value for our
stakeholders and within our communities. By collaborating across
our investment groups, we aim to generate consistent and attractive
investment returns throughout market cycles. As of March 31, 2022, Ares Management Corporation's
global platform had approximately $325
billion of assets under management, with over 2,100
employees operating across North
America, Europe,
Asia Pacific, and the Middle East. For more information, please
visit www.aresmgmt.com.
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SOURCE Marriott International, Inc.