09-07-2007 Eddy Street hotelier, developer plan downtown hotel

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o�sou TH F dx :J b W eFacE � � y� a 1, a2 1865 Office of the Mayor NEWS RELEASE September 7, 2007 11:30 a.m. Eddy Street hotelier, developer plan downtown hotel Contact: Mikki Dobski, Director of Communications&Special Projects, 235-5855 or 876- 1564, or Jeff Gibney, Interim Director of Community and Economic Development, 235-9371 REI Investments Inc., working with the operator of two planned hotels in the Eddy Street Commons, will break ground next spring for a$25 million "top-quality select-service" downtown convention hotel across the street from Century Center. The city's Redevelopment Commission today approved a letter of intent for developers to acquire property at the northwest corner of St. Joseph Street and Jefferson Boulevard,just south of the College Football Hall of Fame. On the site REI plans to build a 10-story, 175- to 200-room hotel, where the City of South Bend will join in the construction of a 210-car parking garage. REI representatives said they hoped to have the hotel brand identified in a few weeks, but are considering a franchise of Hyatt, Marriott, Hilton or Starwood. "This is exciting news for downtown, where a hotel adjacent to the Century Center will heighten the attractiveness of South Bend as a convention destination," said Mayor Stephen J. Luecke. "This represents a key milestone toward the city's multi-year downtown strategy. As the site plans for this hotel indicate, this new facility will add grace to South Bend's skyline and enhance the revitalization that's already under way." According to a letter of intent from REI and Merrillville-based White Lodging Services Corp., the developers would acquire the 0.58 acre parcel for $1 before construction begins as part of the agreement. The facility is expected to be open by fall 2009. "We are excited about the opportunity to work with the city and the Century Center to bring a first-class hotel to South Bend's skyline that will energize their efforts to attract more convention and meeting business to the city's core," said Jeremy Stephenson, director of development for REI Investments.