The property was an old bank building, circa 1927, with just nine tenants occupying 5 percent of the space - a clear case of under-utilization. Sage Hospitality Resources and Amstar saw potential on the investment. Amstar funded the up-front equity, guaranteed the debt, kept the design and construction partners on track and on task and negotiated a highly advantageous tax credit. In short order, Amstar and Sage created a stunning hotel with 227 rooms, 17 suites and a signature penthouse.
The project rapidly became one of several catalysts in the area for the economic revitalization of downtown San Diego's Gaslight district. Plaudits from local design professionals and the state came quickly, along with a listing in the National Register of Historic Places. The project reached stable occupancy within six months of opening.
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