The City of Chula Vista and the Port of San Diego have announced the successful completion of the financing of the Chula Vista Bayfront, enabling RIDA Chula Vista, LLC to break ground on the flagship Gaylord Pacific Resort and Convention Center (the “Resort”) project. The Resort is an approximately 1,600 room hotel and 275,000 square foot convention center that will be constructed in the Chula Vista Bayfront. The approximately US$1.2 billion of project costs are to be funded with a combination of equity from RIDA and Ares; proceeds of first mortgage financing from Wells Fargo Bank and Bank of America; proceeds of mezzanine financing from Marriott; proceeds of municipal bond debt; and grants from government agencies.
Latham & Watkins LLP represents RIDA Chula Vista in the transaction with a team led by San Diego real estate partner Steven Levine. The project required an interdisciplinary team of Latham lawyers to address numerous complicated real estate, corporate, tax, public finance, environmental, and construction issues for this groundbreaking public-private partnership. Integral roles were played across practice areas with advice also provided by Los Angeles counsel Anna Rienhardt; by San Diego partners Jennifer Roy and Robert Howard and San Diego counsel Seth Richardson, with associates Achraf Farraj, Joanna Gorska, David Rao, Samantha Seikkula, and Rachel Staub; and by Chicago partner Diana Doyle, with associate Michael Zucker.