Client: Anaheim Redevelopment Agency

Keyser Marston has provided advisory services to the agency relating to the structuring of public/private partnerships for development of hotel properties. Two recent projects include a renovated Sheraton and a new Doubletree Suites.

Keyser Marston led the city in renegotiating an existing hotel ground lease to allow for the repositioning and refurbishment of the old Inn at the Park into a Sheraton, including the development of a Morton’s Steakhouse on the site. Keyser Marston evaluated the developer’s pro forma and reviewed the market data to determine support for the project. Keyser Marston added stipulations in the ground lease provisions requiring the owner to either add a second hotel tower within ten years or a portion of the site will revert to the city. Additionally, Keyser Marston reviewed the provisions of the restaurant lease.

The Doubletree Suites is a newly constructed full-service hotel located adjacent to the Anaheim Convention Center. The property was developed under the city’s new assistance program, which Keyser Marston helped establish in order to entice development of higher quality hotels in the convention center vicinity. The higher quality hotels are necessary to enable the convention center to attract more out-of-town conventions. Keyser Marston reviewed market data to assess support for the project, and evaluated the developer’s pro forma. Keyser Marston then negotiated the development agreement and helped structure the public financing.