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Newmark SUPPLEMENTAL AT =' Cornish &Carey IMPProvided to the City Council After Distribution of Packet SEP 1 8 2011 Date Josh Shumsky CA RE License#01883266 September 18, 2017 Pleasanton City Council Re: Statement from Tharaldson Hospitality to the City Council for its September 18th Special Meeting Related to the Transportation Mitigation Improvements and Financing Plan Dear Vice Mayor Pentin and Council Members My name is Joshua Shumsky, with Newmark Cornish and Carey. I am here tonight representing the Hotel Developer,Tharaldson Hospitality, who was formerly in contract with Nearon Enterprises to purchase the two parcels at Johnson Drive and near Stoneridge Drive that total approximately 5 acres. . While principals from Tharaldson are unable to attend this evening's meeting, due to a scheduling conflict,they have asked me to relay the following to the council and staff: • First and foremost,they remain strongly committed to the site and to the City of Pleasanton. • Hotel demand in the Pleasanton market is strong, and this developer, who constructs and operates hotels nationwide, is confident in the need for and the viability of the proposed hotels. In prior visits to the site and to City Council meetings,they stayed in Newark due to lack of available hotel rooms in the Tri-Valley market. o In recent weeks, because of the advancement of the Financing Plan and the City's resumption of the EDZ public approval process,they have resumed discussions with Nearon to consummate a purchase of the Land, with the goal of moving this process forward as quickly as possible. o They are also very encouraged by the Transportation Assessment, which may permit the phasing of the Transportation Mitigation Measures, based upon staffs preliminary analysis of the Peak trip generation from the two hotels. • The inclusion of Hotels as a permitted use within the EDZ will help this process as well. o They have reviewed the JDEDZ Transportation Improvements Project Costs Divided by Land Uses, and will be factoring the JDEDZ Impact Fees into their costs and the purchase price negotiations with Nearon. o Tharaldson is Marriott's largest developer and has approved Franchise Agreements from Marriott for this project. o As both the Developer and Manager of its Hotels,Tharaldson prides itself on long-term investments and guest satisfaction 2804 Mission College Boulevard,Suite 120,Santa Clara,CA 95054 T 408.727.9600 F 408.988.6340 www.newmarkccarey.com