[caption id="attachment_55345" align="alignright" width="405" caption="Walls on the 12-screen multiplex started rising in April, and the theaters are set to open this fall."][/caption]
NAPA -- A South Carolina-based hotel developer has secured land for a 115-room hotel next to the 12-screen movie theaters already under construction at the south end of Napa.
Spartanburg, S.C.-based OTO Development (864-596-8930, website) signed a ground lease land at the southwest corner of the 15-acre Napa Century Center project between the Napa River and the Silverado Trail at Imola Avenue. The deal with Gasser South, LLC, managed by the Napa-based Peter A. and Vernice H. Gasser Foundation, includes an option to purchase the property, according to commercial real estate brokerage Strong & Hayden, which represented the foundation.
The hotel, intended to be under the Hampton Inn & Suites brand, would go next to 163,000-square-foot shopping center.
"The theaters and asphalt is going in," said Elissa Wiebalk, head of marketing for Strong & Hayden.
OTO Development started in mid-2004 and has amassed a $1.1 billion hotel portfolio in California, Connecticut, the District of Columbia, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia and Washington, according to the company's website.
In the first quarter of this year, 35 hotels were operating under Hilton, Hyatt, Marriott and Starwood brands, four were under construction and six were in contract and being entitled for building. The company opened a 205-room Hilton Garden Inn in Washington, D.C., in April.
That project pipeline doesn't include the Napa site and around $400 million in other potential projects nationwide.
Construction started in August for the 2,000-plus-seat, 41,000-square-foot Century Theaters multiplex. Owner Cinemark originally targeted a Memorial Day opening, but heavy rains early in the year delayed construction. Walls for the cinemas started rising in April, and they are now set for a fall opening.
Replacing the eight-screen Cinedome in downtown Napa, the new theaters are estimated to attract a half-million moviegoers annually.
Besides the theaters and hotel, the project has seven other retail buildings. Construction of that space is pending leases, some of which are in progress, according to Strong & Hayden.
Gary Van Dam, Matt Connolly and Jim Henry of Strong & Hayden represented the foundation in the hotel ground lease negotiations. Dave Vierra of First American Real Estate represented the hotel developer.