| SANTA CLARA, CA (October 6, 1999) � Oaktree Capital Management,
LLC and Franklin Croft Inc. announced today the groundbreaking on the 280-room
Hilton Santa Clara Hotel located directly across from the Santa Clara Convention
Center on Great America Parkway and Tasman Drive. Completion is slated
for September of 2000.
The $30 million project is being developed by the San Diego-based hotel
investment and development firm, Franklin Croft Inc. and affiliates of
Oaktree Capital Management, LLC., a pension fund management group headquartered
in Los Angeles. It will be operated under a license agreement to
be entered into by and between Hilton Inns, Inc., the franchise subsidiary
of Hilton Hotels Corporation and Santa Clara Hotel L.L.C., a company owned
by the developers. Tamalpais Hotel Services will manage the operations.
Development of the hotel is viewed as an excellent example of public
and private partnership to accomplish local economic development.
The project is being constructed on land leased from the Redevelopment
Agency of the City of Santa Clara under a long-term agreement. The
eight-story hotel is designed to meet the large demand from Silicon Valley
companies and the Convention Center for business class rooms, emphasizing
the services and facilities required of a leading-edge full service hotel
in America�s high-tech mecca.
Headquartered in San Diego, CA, Franklin Croft Group
is a diversified group of real estate companies
operating in key markets throughout California.
|
280-room Hilton Santa Clara located directly
across
from the Santa Clara Convention Center
|
Guestrooms will feature state-of-the-art technology, including super high-speed
Internet access. The hotel will also house a fully equipped business center
and conference space to complement the adjacent convention center.
An exercise room with the latest cardiovascular exercise machines and televisions,
a swimming pool and spa will also be available for guests� recreation.
Dining services will be provided at an elegant full-service restaurant,
a bar and lounge and a specialty coffee bar that will serve breakfast items
and light, quick meals during the day.
Construction and permanent financing for the hotel has been approved
by the AFL-CIO Building Investment Trust. The Trust is a $1 billion
commingled fund of union pension assets that invests in real estate development
nationwide.
The building and design team includes KMA Architecture and Engineering
as architect and the mechanical, electrical and plumbing designer.
WEBCOR Builders, Inc. of San Mateo is the General Contractor. Nishkian
Associates is the structural engineer, Teshima Design group is the landscape
architect, Kier & Wright is the civil engineer, Lowney Associates is
the geotechnical consultant, and R.D. Jones & Associates is the interior
designer.
The Hilton Santa Clara is located at 4949 Great America Parkway and
is 5 miles from the San Jose International Airport and 8 miles from Downtown
San Jose. |
