Marriott International, RIDA Development Corporation and Ares Management announce the start of construction of the Gaylord Pacific Resort and Convention Center

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Gaylord Hotels expands presence with Sixth Resort and Convention Center in Southern California

BETHESDA, MD., July 27, 2022 /PRNewswire/ — Marriott International, Inc. today announced the start of construction on the Gaylord Pacific Resort and Convention Center (the “Gaylord Pacific”). A ceremony was held this morning on the 500+ acre Chula Vista Bayfront, site of the future 1.8 million square foot Gaylord Pacific. The event brought together the promoters of Gaylord Pacific, RIDA Development Corporation (“RIDA Development”) and Ares Management (“Ares”), financial partners, officials from the city of Chula, the port of San Diegoand state of californiaMarriott executives, group guests and other project supporters.

“We are delighted to announce the growth of the Gaylord Hotels brand with the addition of the Gaylord Pacific Resort & Convention Center,” said Antoine CapuanoCEO, Marriott International. “Adding a group destination of this scale and quality on the West Coast to Marriott’s portfolio will provide our guests with the exceptional service and design for meetings and events that the Gaylord Hotels brand is known for.” in a very sought-after and first-rate setting. Southern California location.”

Marriott International will manage the resort and convention center under a long-term management agreement. russ mitchellmost recently Director of Sales and Marketing at the Marriott Marquis San Diego Marina, will serve as Director of Sales and Marketing for the Gaylord Pacific and lead a team with the goal of pre-booking over 1.5 million room nights before the ‘opening .

The Gaylord Pacific is expected to have 1,600 hotel rooms, including 89 spacious suites and 12 presidential suites. The project is expected to welcome its first guests in the summer of 2025 and serve as a key component of the Chula Vista Bayfront, located at Chula Vista and close to San Diego. The resort will offer 360 degree views with San Diego Bay to the west and Chula Vista Marina to the south offering stunning views of the bay and out to the Pacific Ocean.

Master of Ceremonies of the event, Ira MitznerCEO of RIDA Development Corp, said, “The closing of the Gaylord construction loan and the start of construction will bring over 10,000 construction jobs and over 4,000 direct and indirect permanent jobs to the State of California. This $1.275 billion project represents the best of public-private partnership and will create a strong and unique economic engine for the Town of Chula Vistaport San Diegoand state of california for many decades to come.”

“We are thrilled to celebrate the grand opening of Gaylord Pacific and the expansion of our collaboration with RIDA Development and Marriott,” said Andrew Holm, Partner of Ares Real Estate. “We are happy to have the support of the Town of Chula Vistaport San Diegoand the state of californiaand we look forward to working closely with them to realize the potential benefits for community stakeholders. »

Marriott, together with owner and development led by RIDA Development and a real estate fund managed by Ares Management, announced the closing of a $685 million Wells Fargo Bank construction loan as co-lead for a consortium of nine banks, including co-lead Bank of America, documentation agents: Fifth Third Bank, Scotia Bank, Sumitomo Mitsui Banking Corporation and participants: Frost Bank, Goldman Sachs, MidFirst Bank and Taiwan Business Bank.

A construction loan from JPMorgan Chase Bank as sole lead arranger in the amount of $383 million was obtained by the City and the Port to support public investment in the project.

Gaylord Pacific is expected to offer nine branded dining options with over 418,746 square feet of indoor and outdoor convention center space, including a 143,553 square foot flexible carpeted exhibit hall, up to 62 meeting rooms state-of-the-art meeting and conference facilities, five outdoor lawns and event terraces. Plans for the hotel include a sprawling glass atrium with spectacular views of San Diego Bay, as well as nine restaurants and bars, a full-service Relâche spa and lounge, and a state-of-the-art fitness center. The resort is also expected to offer a high-end outdoor water park complex with waterslides, a wave pool, adult and children’s pools, a lazy river, and plenty of pool seating and cabanas.

Chula Vista deserves the best economic opportunities, and we have always believed that our city deserves a world-class bay. Many years of effort have brought us to this point and I am thrilled that this day has finally come,” said Chula Vista Mayor Marie Casillas Salas. “The economic benefits of this investment will reverberate throughout our city and our region with temporary construction jobs but also the 4,000 direct and indirect permanent jobs that will be created.

Located in full sun Southern Californiathe Chula Vista Bayfront is a waterfront site located seven miles south of downtown San Diego. The Chula Vista Bayfront will serve as a mixed-use development, to be built in phases over several years. The potential economic impact of the project is estimated at more than $14 billion economic activity for the state of california.

“We celebrate our partnership with RIDA Chula Vista, LLC on this historic day as we open the Gaylord Pacific Resort and Convention Center on the Chula Vista Bayfront,” said the Port of San Diego Chairman. Dan Malcolm. “As a public-private partnership, this is a model of collaboration between government agencies and the private sector. This world-class project will realize the great potential of this waterfront site – attracting visitors from all over the world. . state of california and beyond and creating a massive economic impact for our region.”

“The Chula Vista Bayfront at Southern California offers unparalleled waterfront views and a unique blend of urban amenities and coastal access. As the largest undeveloped waterfront site on the West Coast and close to San Diego and the United States-Mexico border, our waterfront is garnering national attention as we continue to execute a fully approved and ready-to-use master plan,” said the Port of San Diego Commissioner Anne Moorewhich represents Chula Vista to the seven-member board. “Our selected partner, RIDA Chula Vista, LLC, is developing the most prominent and desirable waterfront location – a defining project for this cherished destination. Our region warmly welcomes the construction of the Gaylord Pacific Resort and Convention Center, and we look forward to seeing it take shape along our bayside skyline.”

Luke CharltonChief Operating Officer of RIDA Development Corporation, summed up today’s event as follows: “Today’s groundbreaking is the culmination of decades of planning that the Town of Chula Vista and the port of San Diego directed with tremendous foresight; knowing that the Bayfront’s potential could only be realized when this complex public-private partnership was completed and the catalyst project, Gaylord Pacific Resort and Convention Center was under construction. We are grateful for the partnership and support of Ares, Marriott, the Port, the City and our lenders as we build the future of Bayfront and are proud to bring this world-class convention center to Southern California.”

Marriott International currently operates five Gaylord hotels across Nashville, TN; Kissimmee, Florida; Vineyard, Texas; National Port, Maryland; and Aurora, Colorado.

About Marriott International
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and includes a portfolio of more than 8,000 properties under 30 leading brands spanning 139 countries and territories. Marriott operates and franchises hotels and licenses resorts around the world. The company offers Marriott Bonvoy®, its award-winning travel program. For more information, visit www.marriott.com. Plus, connect with us on Facebook and @MarriottIntl ​​on Twitter and Instagram.

About Gaylord Hotels
Gaylord Hotels, part of the Marriott portfolio of brands, offers extraordinary environments with everything in one place: diverse dining options, full-service spas, pools, top-notch entertainment, shopping and more. Locations include Gaylord Opryland in Nashville, TN; Gaylord Palms in Kissimmee, Florida; Gaylord Texan on the Lake Vineyard, Texas; Gaylord National on the Potomac in the national port, Maryland; and Gaylord Rockies in Aurora, CO.

About RIDA Development Corporation
RIDA Development Corporation has earned an international reputation for building innovative, high quality and successful real estate businesses. Based at Houston, TXand founded in 1974 by David MitznerRIDA operates major divisions in California, Texas, Floridaand Europe. RIDA currently manages and develops retail, office, distribution, residential, hospitality and mixed-use developments valued in excess of $7 billion. As one of the most active conference hotel developers in the country, RIDA’s projects have earned it a reputation as one of the industry’s leading development organizations. For more information, visit www.ridadev.com.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager providing clients with complementary primary and secondary investment solutions across the asset classes of credit, private equity, real estate and infrastructure. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. From March 31, 2022Ares Management Corporation’s global platform had approximately $325 billion of assets under management, with more than 2,100 employees operating across North America, Europe, Asia Pacificand the Middle East. For more information, please visit www.aresmgmt.com.

SOURCEMarriott International, Inc.

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