| Downtown Bremerton’s second new hotel in three years will apparently move forward now that financing for the project has been nailed down. Seattle-based Hotel Concepts, Inc., owners of the Hampton Inn adjacent to the Harborside Conference Center, plan to build a 130-room Fairfield Inn and Suites by Marriott. The project site is the old Bremerton City Hall on 4th Street, between Pacific and Washington Avenues, which the firm purchased in February of 2006 at a cost of $930,000.
According to the company, construction is slated to begin once the financing package, which includes a 100 percent loan to value waiver, is signed all around and demolition of the old city hall is complete. It is anticipated that demolition could begin as early as March.
Financing for the $16.3 million project has come in part from US Bank, which will put up 61 percent of the money, with the balance being provided by the Kitsap County Consolidated Housing Authority’s New Market Tax Credit program. It is anticipated the finished project, which will include a restaurant, will have a value of $17.2 million.
The Hampton Inn has had a consistently higher than normal occupancy rate since it opened due to heavy use by shipyard clients. It is also believed the additional rooms will help the conference center book more events requiring overnight stays, which it has had some difficulty doing because of the Hampton’s low vacancy rate.
Besides the Bremerton Hampton Inn, Harbor Concepts operates a Holiday Inn Express on Aurora Avenue in Seattle, as well as another on Dexter Avenue near Seattle Center. It also has a third Holiday Inn Express on International Boulevard near Sea-Tac Airport as well as a Fairfield Inn right next door to it.
Besides its Bremerton project, Harbor Concepts also plans to break ground in 2008 on a Holiday inn Express in Tacoma, and another Hampton Inn in Sea-Tac. It also recently opened a 64-room Candlewood Suites in Lacey.
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