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South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2011 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(3) continued... <br />located in Minnesota, and Host Hotels, which <br />owns the Marriott building. The buyer, <br />Jenna Hotel Investments, is going to step into <br />the shoes of Host Hotels. Jenna Hotel <br />Investments wants to be sure they're not <br />buying a lot of problems. The agreements <br />have been drafted. There is a list of things to <br />be fixed and Jenna will be responsible. That <br />is not an unusual request in a transaction of <br />this type. Due diligence has been done with <br />regard to Jenna Investments and its capability <br />to take over this hotel. The brand of hotel <br />can not be disclosed. It's common <br />knowledge that Jenna Hotel Investments has <br />a number of subsidiaries /affiliates, including <br />Doubletree. It has recently renovated a <br />Doubletree Hotel in Cleveland, OH at a cost <br />of $17,000,000. Jenna is not only in the <br />process of going through the closing with <br />regard to the purchase of the property but <br />also working with the brand hotel itself to <br />make sure that it is up to Jenna's standards. <br />The list Mr. Nussbaum reviewed of the types <br />of renovations that they are going to make, <br />are much more extensive than what was <br />contemplated within the MOU looked at last <br />December. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved the Operation, <br />Maintenance and Easement Agreement <br />(South Bend Marriott) Estoppel and Release <br />(Atrium) <br />17 <br />COMMISSION APPROVED THE OPERATION, <br />MAINTENANCE AND EASEMENT AGREEMENT <br />(SOUTH BEND MARRIOTT) ESTOPPEL AND <br />RELEASE (ATRIUM) <br />