Business Journal: West Sac May Add New Hotel


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(Sacramento, CA)
Friday, March 28, 2008
The city of West Sacramento is looking at a publicly financed hotel on its developing riverfront, possibly raising as much as $250 million from selling bonds. The city has already attracted the California State Teachers’ Retirement System, also known as CalSTRS, and the state General Services Department to its side of the river. Now, the city wants to add an estimated $100 million hotel to the parcel just south of the Ziggurat building. Pannatoni Development Co. and investment bank Piper Jaffray approached the city about a partnership for the site, which is already approved for a 300-room hotel, condos, an office building and restaurants. Last week, the city council voted sto seek court validation for the possible $250 million bond sale. But city officials are cautious about the project, saying they are just looking at the possibility for now.