After six years of planning, The Robert Mayer Corp. is poised to build the next phase of its 50-acre resort in Huntington Beach.
The Newport Beach company has signed Hyatt Hotels as the operator of the long-planned 520-room second hotel at the site. The new hotel will be called the Hyatt Regency Grand Coast Resort.
Mayer president Steve Bone said final closing was anticipated last week. Construction is expected to take about 18 months, with the new hotel slated for a September 2002 opening. The development will include a conference center, 25,000-square-foot spa and 52,000 square feet of meeting space.
The Huntington Beach redevelopment agency approved the site transfer, financing plan and Hyatt agreement in early April, according to the city’s redevelopment director, Dave Biggs. Biggs said redevelopment funds were to be transferred to an escrow account in mid-April.
“What was difficult about the project was getting the right players and the right financing partners in this tight financing market,” Bone said.
When complete, the entire 50-acre development also will include a third hotel and 200 homes. The third hotel is included in the ground lease approved by the city, according to Biggs. Also included were the conveyance for the residential units and a pedestrian crossing over Pacific Coast Highway.
“There were in excess of 100 pages of documents (for the deal),” Biggs said.
