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Budget committee advances bond package and Hyatt management deal for 350‑room hotel at SFO
Summary
The Budget & Finance Committee voted without objection to send to the full board three related measures enabling a 350‑room Grand Hyatt at San Francisco International Airport: a Hyatt management agreement, two series of airport bonds, and an appropriation ordinance to spend roughly $473 million from bond proceeds and other financing sources.
The San Francisco Budget & Finance Committee on [date] moved to the full Board of Supervisors a three‑part package to build a 350‑room Grand Hyatt on airport property at San Francisco International Airport.
John Martin, director of the San Francisco International Airport, told the committee he was "very pleased to bring this item before you today" and described the project as "a first class hotel on airport property" at the site of the former Hilton. The measures before the committee included a management agreement with Hyatt Corporation, authorization for up to $243 million in Airport Commission Capital Plan bonds and $225 million in special facility bonds, and an ordinance to appropriate approximately $473 million from multiple bond and financing sources to pay for construction.
Martin described the financing structure as tax‑exempt general airport revenue bonds with an interest estimate of about 3.18 percent and…
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