E J Holtze Corp

A Colorado developer said it has acquired two Newport Beach parcels, including the former site of Fletcher Jones Mercedes-Benz, and plans to start building a hotel by year's end. E.J. Holtze Corp., based in Englewood, bought 3.7 acres and expects to construct a $21-million extended-stay hotel on Quail Street that will cater to business travelers. The company sold the remainder to Lennar Properties, which plans to build a 100,000-square-foot office building, Holtze said.

A Colorado developer said it has acquired two Newport Beach parcels, including the former site of Fletcher Jones Mercedes-Benz, and plans to start building a hotel by year's end. E.J. Holtze Corp., based in Englewood, bought 3.7 acres and expects to construct a $21-million extended-stay hotel on Quail Street that will cater to business travelers. The company sold the remainder to Lennar Properties, which plans to build a 100,000-square-foot office building, Holtze said.