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Ship Creek hotel.

Ship Creek Hotel. The Alaska Railroad Corp. board of directors agreed to become partners in a $6 million joint project to build and operate a hotel at Ship Creek on Warehouse Avenue in downtown Anchorage. The other partner, Hospitality Associates, a hotel/motel management firm based in Spokane, Wash., will own 60 percent of the hotel and will act as builder and developer.

"This hotel will result in the creation of more than 30 permanent jobs and pay approximately $200,000 annually in property and bed taxes to the municipality of Anchorage," says Robert Hatfield, president and chief executive officer of the Alaska Railroad. "This type of project will help set the tone for our improvements and development along Ship Creek."

The railroad is acquiring its 40 percent interest in the project through a 35-year ground lease of the 1.6-acre site on railroad property. Work on the first phase of the 96-room hotel was expected to begin in August. The hotel opening is targeted for next summer.

The hotel is to be the anchor tenant for the 120-acre Ship Creek Redevelopment Project. The railroad is attempting to develop retail stores and tourist amenities on its industrial property near the Anchorage rail yard.

Other projects planned for the Ship Creek project area are a petroleum industry visitors center; the Glacier Creek Brewery, a micro-brewery with a pub and restaurant; and new administrative offices for the Alaska Railroad.
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Title Annotation:Alaska Railroad Corp. and Hospitality Associates' joint project to build and operate a hotel at Ship Creek
Publication:Alaska Business Monthly
Date:Sep 1, 1991
Words:237
Previous Article:Declining production.
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