R.D. Olson Development broke ground last week on a 174-room, limited-service hotel in Irvine at Jamboree Road and Union near the Hyatt Regency Irvine.
When complete next March, the hotel is expected to create about 80 full-time jobs and generate approximately $.5 million in additional revenue through the city’s transient occupancy tax (bed tax).
Ned Snavely, general manager of the Irvine Marriott, said there are about 400 Residence Inns across the U.S. and that is has consistently been a solid performer among Marriott brands.
Olson said financing for the project is “almost” complete; Mellon Bank is providing the construction loan. The hotel, which will be managed by Marriott, will feature one- and two-bedroom suites with kitchens and refrigerators.
