SLO County Golf, Wine & Real EstateGolf, Wine & Real Estate News and Events Blog
Cypress Ridge seeks buyer for proposed hotelThursday, January 12, 2006Cypress Ridge developers will forgo building a hotel, restaurant and sports complex at the Arroyo Grande development as originally planned because of a change in strategy.The group is seeking a buyer for about 15 acres near the development's existing pro shop. The buyer would then be responsible for constructing the planned amenities, developer Denis Sullivan said. The project was approved in July, after five years of seeking county approvals, Sullivan said. But he and his investment backers, who have spent $500,000 on the proposal, do not want to build that phase of the project anymore. "Things change a lot in five years," Sullivan said. "We do not want to be a hotel operator and owner." He said owning a restaurant and hotel is a 24-hour job -- something he no longer has the energy to carry out. The project includes 81 individually owned, freestanding lodging units, with 149 total bedrooms. The rooms would have been split between owners on vacation and paying guests. A 200-seat, upscale restaurant was also planned, along with a pro shop and clubhouse to replace the existing facility. About 3,400 square feet of conference rooms were also intended. Included in the sale are the current pavilion and an adjacent building. The pavilion is used for weddings and large group functions, and the hotel's buyer could benefit from having the facility, Sullivan said. About six groups have looked at the property, Sullivan said. He has since lowered the price, and he is going back to interested parties to see if they would be more interested now. He declined to disclose the asking price. On Monday, residents who attended a town hall meeting at the Cypress Ridge Pavilion became upset when they heard the hotel, restaurant and sports complex would not be built by the developer as expected. At that meeting Sullivan said he will focus on building a proposed second phase of homes and nine more holes of golf. Bizz Buzz, The Tribune, Larissa Van Beurden-Doust |
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