Our 14th project is the Le Meridien (Marriott) in Arcadia, California. Arcadia is a beautiful suburban city located at the foothills of the San Gabriel Mountains, approximately 21 miles north-east of Los Angeles. With its dense yet comfortable population, Arcadia supports a wide variety of industries, including commercial, light industrial and financial services. Four railways, numerous freeways serve the city, and three major airports are located within an hour’s distance away. The ease of access has attracted many businesses to locate their headquarter offices in the city.
In 2012, the city of Arcadia was named seventh city in America in terms of residential real estate value by CNN Money magazine, while Business Insider named Arcadia’s Upper Rancho area one of the “Most Affluent Enclaves in Southern California in 2014.”
Located at 130 W. Huntington Drive, the new Le Meridien Marriott Hotel and Condominiums will replace the current Santa Anita Inn. Considered the most prestigious and coveted area of Arcadia, this hotel is within walking distance of the Westfield Santa Anita Shopping Center and the Santa Anita Horse Race Track. Located just north-east of the site is the newly constructed Mercedes-Benz Rusnak Dealership, and to the south are the 187-acre County Park, 18-hole golf course, tennis courts, pool, baseball diamond and bowling alley. To the west is Arcadia City Hall, Police Station, Methodist Hospital and Chamber of Commerce. Also, the Botanic Gardens are located nearby, with their beautiful peacocks on display.
- The hotel portion of the Project will operate under the Marriott brand.
- The condominium units and hotel are located near several vibrant shopping centers and commercial areas.
- There are numerous recreational activities near the Project location.
- The Project is located within the Arcadia Unified School District.
- Holiday & seasonal events frequently take place near the Project location.
- Arcadia is served by 3 major airports in the region: Burbank Bob Hope Airport, Ontario International Airport, and LAX.
- Arcadia has some of highest home appreciation rates of any community in the nation.
The Le Meridien Marriott Arcadia sits on 5.8 acres of land and includes 210 luxurious suites on six floors, complimented by a four-story condominium with 50 units. A 140,000 sq. ft. lot will serve the parking needs. This project will be completed in two phases: the first phase includes the hotel and parking lot, and the second phase includes the condominiums. The total project cost is approximately $119 million US dollars and will create 1,110 jobs. 90 units of EB-5 funds will be offered, which will equate $45 million US dollars (approximately one third of the total project cost).