CITY COUNCIL Hotel president - City of Palo Alto
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Hotel president
CITY COUNCIL
June 2020
HOTEL PRESIDENT | CIRCA 1930s
Photo: Palo Alto Historical Association
City council
R E S T O R I N G PA L O A LT O ’ S
HISTORIC HOTEL PRESIDENT
HOTEL PRESIDENT | ESTABLISHED 1930
HOTEL PRESIDENT | CIRCA 1930s
Photo: Palo Alto Historical Association
T h e Hot el P r e s id e n t is si g nific an t t o P alo A l t o ’ s roots for i t s role
in e s t abli sh in g t h e comm e rci al cor ri dor of Univ e r sity Av enu e , a s
a n exam ple of t h e Sp a ni sh Coloni al R eviva l st y le in Palo A lt o,
a n d a s a w o r k o f m a s t e r l o c a l a r c h i t e c t B i r g e M . C l a r k.
Locat e d in t h e h e a r t of downtow n P alo A lt o, t h e Ho te l P r es id en t
w a s buil t in 1929 and i t s doors op en e d t o gu e s t s i n 193 0 . Th e
ho t el wa s n am e d t o hono r th en -p r e s id e nt H e r b e r t H oover, who
w a s o n e o f t h e f i r s t s t u d e n t s t o e n r o l l a t S t a n f or d U n i v e r s it y .
Fo r n ea rl y fort y y e a r s , t h e Hote l P r e si d en t w a s one of t h e most
p romi n en t b uild in g s in P alo Al t o, lon g la u d e d as t h e plac e t o
s t a y in t h e r e g ion an d fe at u r e d on pos tca r ds a n d trav e l
b r o c h ur e s .
Af t e r d eca d e s of d e f e r r e d m ain t e na nc e , t h e hi s toric Hot el
P r e s id e n t w a s acq uir e d b y AJ Capi t al in Ju n e of 2 0 18 wi t h t h e
HOTEL PRESIDENT LOBBY | CIRCA 1958
i nt e n tion of r e tu rnin g it t o its form e r pu r pos e a s a d e s tin ation Photo: Palo Alto Historical Association
h o t e l t h r o u g h t h o u g h t fu l h i s t or ic p r e s e r v a t ion a n d r e s t o r a t ion.
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CITY COUNCIL
PROJECT EXECUTIVE
SUMMARY
HOTEL PRESIDENT RESTORATION PROJECT COMPONENTS
T h e r e a r e t h r e e k e y p r o j e c t c o m p o n e n t s t h a t g u i de o u r v i s i o n f o r H o t e l P r e s i d e n t ’s r e s t o r a tio n e f f o r t s :
P
1. HISTORICALLY 2. CRITICAL 3. POSITIVE
ACCURATE REHABILITATION PROPERTY CONDITION COMMUNITY ECONOMIC
& PRESERVATION UPGRADES IMPACT
HOTEL PRESIDENT | CIRCA 1930s
Photo: Palo Alto Historical Association
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CITY COUNCIL
1. HISTORICALLY ACCURATE
REHABILITATION &
PRESERVATION
HISTORIC RESOURCES BOARD BIRGE M. CLARK HISTORIC DRAWINGS:
HOTEL PRESIDENT EXTERIOR ELEVATIONS
H o t e l P r e s id e n t ’ s e xt e n s i v e r e h a bili ta ti o n a nd p r e s e r va t i o n
scope received u n an i m o u s ap p r o val f ro m the Hi s t o ri c
R e s o u r c e s Bo a r d ( H R B ) i n M ay . T h e HR B c o n c l ud e d t h e
p r oj e c t i s c o n s i s t e n t wit h t h e S e c r e t a ry o f t h e In t e r i o r’ s
S t a n d a rd s f o r t h e T r e a t m e n t o f H i s t o r ic P r o p e r t ie s .
PRESERVATION OF KEY CHARACTER
DEFINING FEATURES
• PRESERVING EXTERIOR STUCCO FAÇADE, ORIGINAL STEEL-SASH MULTI-LITE WINDOWS,
WOOD GALLERY AT UNIVERSITY AVE FAÇADE, AND FRONT ENTRY CANOPY
HOTEL PRESIDENT EXTERIOR ELEVATIONS
• REHABILITATING COMMERCIAL STOREFRONTS, INCLUDING ORIGINAL AND REPLACEMENT
TILE BUCKHEADS AND SPINDLEWORK SCREENS AT TRANSOM WINDOWS
• RESTORING FORMER LOBBY LOUNGE AREA, INCLUDING EXPOSING ORIGINAL CEILING
• PRESERVING ORIGINAL ELEVATOR AND ORIGINAL INTERIOR CENTRAL STAIR
• REHABILITATING ROOFTOP GARDEN, WHICH WILL BE ADA ACCESSIBLE AND A PUBLIC
AMENITY
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CITY COUNCIL
1. HISTORICALLY ACCURATE
REHABILITATION &
PRESERVATION
A HOTEL PROGRAMMING + SPACE PLAN BUILT WITH
THE COMMUNITY IN MIND
O n c e r e s t o r e d , t h e Ho t e l P r e s ide n t will o f f e r a ca ptiv a t i ng
a n d a u t h e n t i c s e n s e o f pla c e t ha t h a s b e c o m e s y n o n y m o u s
wi t h AJ Capi tal ’s ap pr o ac h to c o m m u n ity- c e n t ri c
h o s p it alit y.
HOTEL PROGRAMMING + SPACE PLAN PARKING COMPLIANCE
• 100 GUESTROOMS
Through a combination of on-site parking, off-site parking,
• LOBBY CAFÉ & COMMUNITY LIVING ROOM
and in-lieu payment to the Downtown Parking Assessment
• LOCAL BUSINESS RETAIL STORES District, the project fully satisfies the required 115 total
parking spaces:
• PANORAMIC VIEWS OF PALO ALTO FROM AN UNOBSTRUCTED
ROOFTOP GARDEN • On-site Parking: 14 Spaces
• VALET MANAGED PARKING AND IMPLEMENTATION OF • Off-site Parking: 25 Spaces
TRANSPORTATION DEMAND MANAGEMENT (TDM) PLAN
• In-lieu Payment: 76 Spaces ($8,068,996 Total)
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CITY COUNCIL
2. critical PROPERTY CONDITION
UPGRADE INVESTMENT
ADDRESSING years of building
neglect and disrepair
HOTEL PRESIDENT | CIRCA 1930
T h e H o t e l P r e s id e n t h a s s u f f e r e d f r o m d e c a d e s o f de f e r r e d Photo: Palo Alto Historical Association
m ai n t e n a nc e a n d i s in u r g e n t ne e d o f u pg r ad e s t o c r i ti cal
b u i ldin g i n f r as t r u c t u r e . CRITICAL BUILDING INFRASTRUCTURE UPGRADES
As a result, a s ig n i fi c a n t p e r c e n t age of the t o t al
d e v e l o p m e n t b u dg e t is d e di ca t e d t o e n s u r in g t h e b uildi n g’ s
Fire + Life Safety Systems
l o n g e vi ty through in v e s t m e n t in an extensive seismic
g
r e t r o f i t , i n st all ati o n o f s p ri n kl e r an d f i r e alar m s y s t e m s , A D A
u p g r ad e s , a n d M E P m o d e r n iza t io n .
A D A A c c e s s i b i li t y
Our d e s ig n team has t ho u g h t f u lly i n t e g r ate d the
i n f r a s t r u c tu r e u pg ra d e s with o u t c o m p r o mi s i ng the
r e h a bili ta tio n a n d p re s e r va t i o n o f t h e b uildi n g’ s c ha r a ct e r S e i s m i c R e t r o f it
d e f i n in g f e a t u r e s .
PROJECT ADDRESSES EXISTING BUILDING RISKS:
Mechanical, Electrical,
P l u m b i n g ( M E P)
• SIGNIFICANT SEISMIC VULNERABILITY
• INACCESSIBLE INGRESS + EGRESS (ADA)
Upgrades are vital to saving the Hotel President from its
• LIMITED FIRE + LIFE SAFETY SYSTEMS
current dilapidated state and safely restoring the building for
• ANTIQUATED MECHANICAL, ELECTRICAL, AND PLUMBING SYSTEMS
future use by the Palo Alto community.
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CITY COUNCIL
Recurring ANNUAL TAX IMPACT
3. Positive community
e c o n o m i c i m pa c t
RECURRING ANNUAL ECONOMIC IMPACT
$2,340,000
ANNUAL TAX CONTRIBUTION TO THE CITY OF PALO ALTO
As a hotel, the building’s dir ect tax
contribution to the city of Palo Alto will
incr eas e from $0 to an estimated
$20,100,000 $2,340, 0 0 0 in annual sales and tr ansient
occupancy taxes.
ANNUAL ECONOMIC STIMULATION
IMPACT FROM OPERATING HOTEL BUSINESS
ANNUAL TAX IMPACT BY CATEGORY (2019 $)**
It is estimated that the rest or ed hotel will
Tax Category Tax Base Effective Tax Rate Estimated Tax Revenue
gener ate $20,100,000 in recurring annual
Sales $8,820,000 9.00% $790,000
economic impact for the Palo Alto community Transient Occupancy $9,990,000 15.50% $1,550,000
once the hotel stabilizes in 2024.* TOTAL $2,340,000
CONSTRUCTION PERIOD HOTEL RAMPING HOTEL STABILIZED
Q3 2020 Q4 2021 2022 2023 2024
HOTEL PRESIDENT RAMP-UP TIMELINE
*Economic impact estimates are based on findings from Hotel President Palo Alto Economic Impact Study conducted by third-party research firm HVS. HVS Consulting and Valuation estimate of $971,000 in 2023, deflated to 2019 dollars assuming a 3% inflation rate. 7
**Annual property taxes estimated at $860,000 are not included as direct tax benefits to the city of Palo Alto as they are contributed to the County of Santa Clara.
Appendix: A groundbreaking restoration of a Columbian
Exposition-era Venetian Gothic Tower constructed in
Aj capital HISTORIC Chicago athletic
1893. A former club for Chicago’s elite, the reborn CAA
Ass o ciation (CA A)
RESTORATIONS
contains 241 guestrooms and over 225,000 square feet
of dynamically programmed space.
before
RESTORED & Transformed
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Appendix: Across the Graduate Hotels portfolio AJ Capital has worked
with local communities and architects to successfully restore
Aj capital HISTORIC Graduate
the vitality of several notable historic properties. From coast
Hotels
RESTORATIONS
to coast these properties have experienced a renaissance of
community enjoyment and engagement.
GRADUATE PROVIDENCE GRADUATE BERKELEY GRADUATE NEW HAVEN
before
RESTORED & Transformed
9
133 N. Jefferson St.
4th Floor
Chicago, IL 60661
PHOTO: PALO ALTO HISTORICAL ASSOCIATIONYou can also read
