I couldn't help but laugh out loud when I read this:
"Denver-based developer Craig Nassi said that he is "close" to signing a deal with the luxury hotelier for Epic, a high-rise he envisions for 12th and I streets."
Just like you have been "close" to ground breaking on Aura for 2 years now? I'm still waiting for the news that Aura has been canceled...or bought out by someone we all have heard of.
I can see how Saca and InterContinental are talking since they had struck a deal originally on The Towers before that went bye-bye.
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Two developers vying to lure hotel chain to Sacramento
By Jon Ortiz - Bee Staff Writer
Published 1:02 pm PDT Wednesday, August 29, 2007
Two developers with a history of competition are in talks with InterContinental Hotels Inc. to partner with them on rival condo-hotel towers each wants to build in downtown Sacramento.
Denver-based developer Craig Nassi said that he is "close" to signing a deal with the luxury hotelier for Epic, a high-rise he envisions for 12th and I streets.
Local developer John Saca didn't return calls seeking comment about how InterContinental might fit into his 10th and J streets tower, The Metropolitan, but Sacramento business observers confirmed he has talked to the British firm about a deal.
"What we're hearing is that John has spoken with them," said Michael Ault, executive director of the Downtown Sacramento Partnership. Steve Hammond, president and CEO of the city's Convention & Visitors Bureau also said that Saca, who signed Intercontinental to his Towers condo project on Capitol Mall before it failed earlier this year, hopes to renew his partnership with the company.
John Lee, InterContinental's western region vice president, declined to comment about either project. "Sacramento is a target market for us," he said, "and we'd love to be in the city."
The InterContinental Hotels & Resorts chain is part of the larger InterContinental Hotels Group PLC based in Berkshire, England. It operates the InterContinental Mark Hopkins hotel in San Francisco and owns the Holiday Inn and Holiday Inn Express chains, among others.
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4 comments:
These guys are living in Fantasy Land, and not the one Walt built, but one of their own rose-colored construction. InterContinental's room rates are $300 to $800 a night. You can't get that in Sacramento now, and not in the next decade, more than likely. The shieks, the chic and the ridiculously wealthy just don't come to River City that often.
And that's not mentioning the little problems both these guys has had actually building a high-rise condo anything in Sacramento.
Well, the Sheraton is in the low-mid 200s (I know, govnt discounts bring that lower)
This would def be a step up in properties in Sac. I could see $300ish..but above that I have to think would be tough.
With comments like:
"Sacramento is a target market for us," he said, "and we'd love to be in the city."
IC must see something here.
InterContinental's rates range from $120-$6,000. They have such different products in so many different locations. And i wouldn't worry about InterContinental filling their rooms.. i'd worry about Saca's or Nassi's ability to build the room.
With Nassi's catch phrase "close" and Saca having no response to the matter, i'll bet neither have much sorted out.
Funny thing is that the two are in some sort of bidding war with InterContinental, when the hotel was the only one asking for a subsidy in the Towers project. A potential Epic/Metro hotel will have to be scaled back and sensible, because i can't imagine any one of these parties going back to the council and doing that all over again.
I feel like I'm getting increasingly cynical on these matters, but this is some serious dejavu.
We're not talking about all the chains InterContinental manages, which include Holiday Inn Express and the others. The developers are talking about a real InterContintal Hotel.That is what is out of reach. Sure we can find the people to take rooms at another HI Express. These guys are talking about an InterContintal-branded hotel. That is what is out of reach. -MOAB
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