Gardenwalk Hotel I, LLC
Gardenwalk Hotel II, LLC
333 City Boulevard West, Suite 2000, Orange, CA 92868
Tel: 714-399-9300
October 22, 2024
City of Anaheim City of Anaheim
200 South Anaheim Boulevard 200 South Anaheim Boulevard, Suite 356 Anaheim, CA 92805 Anaheim, CA 92805
Attention: City Clerk Attention: City Attorney
Re: Development Agreement No. 99-1/Annual Review Request by Hotel No. 1 and 2
Ladies and Gentlemen:
Pursuant to your request, we are writing to provide the City with a report on Hotel No. 1 and 2 under the Development Agreement.
Hotel No. 1
As previously reported in its Annual Reviews, Hotel No. 1 completed construction and opened to the public in compliance with the Development Agreement.
Hotel No. 2
As previously reported, Hotel No. 2 has been delayed by the pandemic and resulting governmental orders, as well as their continuing impacts. The current deadline for construction commencement for Hotel No. 2 is November 12, 2025, and the deadline for completion is May 12, 2028. Hotel No. 2 has been diligently working with potential hotel brands, and our architect has completed initial site plans and layouts. As the City is aware, due to the lending markets’ current climate, construction financing costs have more than doubled beyond our original underwriting. We are continuing to monitor the debt market in the hope that interest rates will eventually stabilize, but we do not yet know how long current conditions upon the lending market will last. We will continue to keep the City apprised of our continuing efforts with respect to Hotel No. 2.
If you have any questions, please don’t hesitate to contact us.
Very truly yours,
GARDENWALK HOTEL I, LLC,
a California limited liability company
By: Prospera Properties III, LLC,
a Delaware limited liability company
Its: Manager
By: Clementine Real Estate, LLC, a California limited liability company
Its: Sole Member and Manager
By: _______________________
Ajesh Patel
Its: Manager
By: ________________________
Bryan O’Connell
Its: Manager
GARDENWALK HOTEL II, LLC,
a California limited liability company
By: Prospera Properties III, LLC,
a Delaware limited liability company
Its: Manager
By: Clementine Real Estate, LLC, a California limited liability company
Its: Sole Member and Manager
By: _______________________
Ajesh Patel
Its: Manager
By: ________________________
Bryan O’Connell
Its: Manager