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South Bay Digest

Gardena : Financing for Hotel, Offices

September 11, 1986

Financing has been completed for a long-awaited hotel and office complex at the Eldorado Card Club parking lot on Redondo Beach Boulevard and Vermont Avenue.

William Taylor Peeler and George Anthony, partners in the Eldorado Center Co., announced that the International Brotherhood of Electrical Workers will provide a $33-million loan for the $55-million project. The two partners will pay $11 million and the city will provide $11 million in bond financing to build a 900-car parking garage that will be open to the public.

Sunroute Hotel System, a large Japanese-based firm, will manage the hotel, which is expected to open in July, 1988. The office building is expected to open in January, 1988.

City Manager Kenneth Landau said the 17-story, 268-room hotel and 11-story, 203,000-square-foot office and commercial building will provide a $750,000 boost to the city's economy through sales, hotel and property taxes.

Landau said the hotel will also have a large ballroom and meeting rooms, facilities currently not available in the city.

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