Bank One and Westdeutsche Landesbank Girozentrale, have agreed to provide $104 million in financing for the 33-story, 512-room Westinin San Diego's 26-block Ballpark Redevelopment District. Slated for completion in fall 2002, the Westin Hotel will be located on L Street between Sixth and Seventh avenues.
In addition to the 512 hotel rooms that will occupy floors three through 21, there will be 34 privately owned luxury condominiums on the top 11 floors. The hotel, which will feature a rooftop terrace and pool, is being developed by San Diego-based JMI Realty. Another $600 million in private developments are under way in the city's ballpark district. Other amenities include a 4,000 sq. ft. health club, a 200-seat restaurant and 20,000 sq. ft. of meeting space.
In an effort to bolster its timeshare division, New York-based Cendant Corp. has agreed to purchase Orlando-based Fairfield Communities Inc. for $635 million. Fairfield, which owns vacation resorts in the Bahamas and 12 states, will sell its outstanding common stock for an estimated $15 per share.
The acquisition is expected to close in early 2001. Fairfield recorded revenues of approximately $560 million for the 12 months that ended Sept. 30, an 18% increase over the previous 12 months. Net earnings as of September 30 rose more than 20% to approximately $64 million.
In another Cendant, the company recently completed the acquisition of AmeriHost Inn and AmeriHost Inn & Suites brand names and franchising rights. The AmeriHost portfolio includes 83 properties. Terms of the transaction were not disclosed. As part of the merger agreement, Arlington Heights, Ill.-based Amerihost Properties Inc. has agreed to change its name to Arlington Hospitality Inc. However, it will continue operating its hotels under the AmeriHost Inn flag while operating under a franchise agreement with Cendant.