Hilton Garden Inn Interview with Tim L. Edgar
Hotel Innvestor is pleased to announce its intent to finance the development of a three-story, 92,984 square-foot Hilton Garden Inn hotel. The 142-room wood-frame hotel will have meeting space totaling 3,912 square-feet, including a 357 square-foot library. The Hilton Garden Inn will have a restaurant, lounge, fitness room, outdoor pool and spa, dining terrace, meeting terrace, 6,361 square-foot rooftop function deck with service bar and 169 parking spaces.
The Hilton Garden Inn will be located in Goleta, California. The city of Goleta is located just northwest of Santa Barbara, which is home to numerous research and development companies as well as variety of beaches, farmers markets and festivals.
The hotel’s close location to US-101, the only major highway in Goleta, provides excellent access to demand generators in Santa Barbara.
The University of California Santa Barbara (UCSB) is a powerful economic engine for Goleta. The city of Goleta surrounds much of the campus so university-related hotel demand is mainly absorbed by lodging facilities in Goleta. The Hilton Garden Inn will capture demand from a variety of activities such as seminars, athletic, social, research, alumni and educational events and the creation of start-up businesses that originate from UCSB.
Hotel site is less than one-third mile away from Cabrillo Business Park. The area is a 92-acre office park with 935,000 square-feet of office, R&D and light manufacturing buildings located near the entrance to the University of California Santa Barbara.
Lodging supply for the South Santa Barbara market currently includes 64 properties with over 4,600 guestrooms. Majority of current supply of hotels consists of older and penetrable properties. Recent ground-up developments are the 106-room Courtyard Santa Barbara (August 2012), 98-room Hampton Inn Goleta (2007) and the 360-room Bacara Resort & Spa (2000). There is currently a 118-room Marriott Residence Inn in development. The proposed hotel, which is one mile north of Santa Barbara Airport is still in the early planning stages and was just recently approved in September 2014.