Two developers vying to lure hotel chain to Sacramento
By Jon Ortiz of The Sacramento Bee
Wednesday, August 29, 2007
http://www.sacbee.com/749/story/350687.html
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.