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Claremont approves operating covenant and TOT rebate for 120‑room Residence Inn by Marriott
Summary
Council approved an operating covenant with Sushil Capital LLC to support a 120‑room Residence Inn by Marriott in southern Claremont, authorizing TOT rebates equal to 50% of generated TOT for up to 10 years capped at $4.5 million and requiring a minimum of $250,000 TOT revenue in year one; the measure passed unanimously.
Claremont — The City Council unanimously approved an operating covenant on March 10 with Sushil Capital LLC to support the long‑term operation of a 120‑room Residence Inn by Marriott on the site of the former Knights Inn at 721 S. Indian Hill Boulevard.
Staff explained that the agreement would rebated 50% of transient occupancy tax (TOT)…
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