Plans have been submitted to tear down the Anaheim Plaza Hotel & Suites so that it can be replaced with a luxury hotel using a subsidy provided by the city.
A citywide subsidy will be utilized for the first time by Good Hope International for the construction of the 580-room hotel, which will cost an estimated $160m to build. Financing for the hotel will be assisted by a relatively new incentive. As per an agreement, the city would return, for the next 20 years, 70% of the bed taxes collected. At the end of the 20-year agreement, the city would retain 100% of the tax going forward.
The hotel’s name and brand, which will no doubt be emblazed on numerous Stationery items as well as business Forms and custom Pens, has yet to be revealed. What is known is that in order to qualify for the subsidy, the new enterprise will have to be a four-diamond rated hotel according to guidelines set by AAA.
According to the Anaheim Planning Department, the hotel will go up on 8.8 acres of land, be 78 feet tall, and contain 50,000 square feet of meeting space and 25,600 square feet of retail space. It is anticipated that the Anaheim Planning Commission will decide on whether to approve plans for the hotel complex in the spring, after which it will be up to City Council to give the final decision.
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