The Poway Redevelopment Agency Board unanimously approved a proposal to support the development of a 108-room Hampton Inn and Suites Hotel on Jan. 29. A business-clad hotel was always envisioned as a necessary amenity to Poway's Business Park. With expanded meeting and kitchen space triple that of a traditional Hampton Inn product, the project will provide needed meeting and lodging space in Poway and will boost the park's ability to compete for high-tech business and corporate relocations.
The agency will invest $3.5 million of the total $11.7 million required to build the hotel. That money will be repaid to the agency through proceeds from hotel operations and the accrual of additional city revenues in the form of tax increment and transient occupancy tax, or TOT. The hotel room TOT will contribute to the city's General Fund, which is used to pay for city services such as fire and law enforcement protection and city recreation programs. In return for the up-front investment, the city will have rights to oversee hotel operations and ownership for 20 years.
Waterford Development Co. LLC will develop the hotel to be sited at the northeast corner of Stowe Drive and Scripps Poway Parkway. The developer is optimistic about the success of Poway's hotel because of its proximity to more than 300 businesses. In addition to the Business Park business clients, the Poway community will be able to take advantage of accommodations for social gatherings and out-of-town guests.
The hotel could be completed as early as fall 2003.