TITLE
Recommendation to receive supporting documentation into the record, conclude the public hearing regarding an economic subsidy in connection with a Transient Occupancy Tax Sharing Agreement with Breakers Development, LLC, a California limited liability company, for the property at 210 East Ocean Boulevard, Assessor Parcel Number 7278-007-034, pursuant to California Government Code Section 53083; and
Authorize City Manager, or designee, to execute any and all documents necessary, Transient Occupancy Tax Sharing Agreement, with Breakers Development, LLC, a California limited liability company, or assignee, for the development of an upscale independent boutique hotel. (District 2)
DISCUSSION
The Breakers Building, is a 14-story building situated on a 1.15-acre parcel, at 210 East Ocean Boulevard (Subject Property) (Attachment A). In 1989, the City Council designated the Subject Property as a building of historical significance. The Subject Property is prominently located on Ocean Boulevard adjacent to the Center for the Performing Arts and steps from the Long Beach Convention Center. The Subject Property is in an excellent location within the City’s central business district, overlooks the Pacific Ocean, and is adjacent to many of the City’s tourism destinations.
The Subject Property originally opened in 1926 as a luxury oceanfront resort and has operated under various hotel brands/flags over the years, including “Hilton Hotel,” “The Wilton,” and the “Breakers International Hotel.” The Subject Property has experienced several changes of ownerships and up until 2015, was operated as a senior housing facility. In November 2017, Breakers Development, LLC, an affiliate of Pacific 6 Enterprises (Developer), purchased the Subject Property with the intent of returning it to its original use as a luxury hotel. The Developer would like to reposition and convert the Subject Property into an upscale independent boutique hotel, the “Breakers Hotel and Spa.”
The ...
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