Daily Business Report: Wednesday, Dec. 1, 2021
Hotel Investment Group to develop
Home2 Suites by Hilton in San Marcos
San Diego-based Hotel Investment Group (HIG) announced the completed purchase of property in San Marcos, where it intends to develop a 110-room Home2 Suites by Hilton.
Construction is slated to begin in summer 2022 at the 1.66-acre property — located an empty lot at the corner of Montiel Road and Leora Lane — and is estimated to be complete by late 2023.
“The hospitality industry is finally starting to rebound from the challenges of the last two years, putting us in a prime position to continue expanding HIG’s portfolio,” said HIG CEO Darshan Patel. “Bringing a Home2 Suites to San Marcos will provide a much-needed extended-stay hotel option for the medical community at Palomar Hospital and for customers visiting the area’s premier golf courses and nearby Legoland.”
HIG owns and operates 18 hotel and apartment communities throughout California. Additional San Diego properties include boutique hotels such as Hotel Iris in Mission Valley, as well as franchise entities like the Holiday Inn Express & Suites in Mission Valley.
TOP PHOTO: Rendering of Home2 Suites by Hilton to be built in San Marcos.
Carlsbad’s Viasat to buy British
Satellite network in $7.3 billion deal
By Chris Jennewein, Times of San Diego
Viasat, a Carlsbad-based global satellite communications company, announced a deal to buy Britian’s Inmarsat for $7.3 billion.
London-based Inmarsat operates a fleet of satellites providing global phone and data connections, while Viasat serves commercial aviation and military markets with its communications satellites.
The deal includes $850 million in cash, approximately 46 million Viasat shares valued at $3.1 billion and the assumption of $3.4 billion of net debt.
“This strategic move gives Viasat the scale to increase the pace of innovation that drives new and better services for our customers, broadens the opportunities for our employees and provides a foundation for significant positive free cash flow,” said Rick Baldridge, Viasat’s president and CEO.
The combined company will operate multi-band, multi-orbit satellites to deliver higher data speeds and create a global high-capacity network serving commercial and military customers.
Grossmont Healthcare District commits funds
for a new Center for Neurosciences
The Grossmont Healthcare District (GHD) announced it will allocate up to $4 million in matching funds toward the development of the new Sharp Center for Neurosciences at Sharp Grossmont Hospital.
The GHD board unanimously approved the expenditure that will be dispersed in $1 million increments as the funds are obtained by the Grossmont Hospital Foundation.
The new center will be created by remodeling and expanding the existing rehabilitation center into a multi-department facility which will treat inpatient and outpatient populations suffering from stroke or other brain and spinal conditions.
Once complete, the Center for Neurosciences will provide a total of 50 licensed beds. The new facility will create a full continuum of care for patients requiring these highly specialized services, featuring an inpatient progressive care unit, an inpatient rehabilitation unit, and a new 16-bed neuro-intensive care unit. The design will also include physical therapy and occupational therapy gymnasium areas.
The total cost of the Sharp Center for Neurosciences is $58.2 million. Construction is expected to start in the fall of 2022, with completion taking place in spring 2024.
Scott Lippman to launch and lead
NCI Pre-Cancer Genome Atlas
Scott Lippman, M.D., will launch and lead the PreCancer Genome Atlas, a National Cancer Institute (NCI)-sponsored effort to map in time and space all of the molecular, cellular and structural characteristics of premalignant lesions and how they evolve into invasive cancers.
He will retain his appointment as associate vice chancellor for cancer research and care at University of California San Diego and transition from his current role as director of Moores Cancer Center at UC San Diego Health.
Lippman, who became director of Moores Cancer Center in 2012, oversaw a period of notable growth, collaboration and discovery. He will remain as director during a national search for his successor.
Lippman’s tenure has been highlighted by significant clinical growth to 400 physicians, nurses and staff serving more than 100,000 patients annually, and facilities expansion to five clinical locations in the region and three affiliations.
Under his leadership, the Pauline and Stanley Foster Pavilion for Cancer Care opened in 2016; the Koman Family Outpatient Pavilion in 2018; and the Center for Novel Therapeutics in 2019.
In October of this year, University of California Regents approved a $2.5 billion Hillcrest Medical Campus redevelopment that will include a new outpatient cancer pavilion, slated to open in late-2025.
DMJ Capital Partners and StoneSteps Real Estate
acquire office project for $7.5 million
San Diego based DMJ Capital Partners and StoneSteps Real Estate have purchased a multi-tenant office project for $7.5 million. The project is located at 6265 Greenwich Drive, San Diego, in Governor Park.
6265 Greenwich Drive is a two building office park consisting of 32,483 rentable square feet which was built in 1987. The buildings have a distinctive architectural design and feel with a high-image sapphire blue reflective glass exterior and an expansive open air courtyard between the two buildings.
The property has had the same ownership since 1993 when it was purchased by the seller, who occupied a portion of the property with their mortgage company. Historically, the project was known as Monarch Court, but under the new ownership and along with plans to modernize the exterior and common areas, it will now be called, Latitude.
It was 67 percent leased at the time of sale. DMJ Partners will occupy one of the vacant suites in the property. Grandview Management Partners will handle the property management of Latitude after the sale.
DMJ Capital Partners and StoneSteps Real Estate represented themselves in the transaction. The seller, DMTM Investments Inc., was represented by Tom Wilcox and Matt Zimsky with Colliers International.
Applications opening in January 2022
for tuition-free San Diego Promise
Students enrolling at San Diego City, Mesa, and Miramar colleges for the fall 2022 semester can begin applying for the San Diego Promise program starting Jan. 3, 2022. The San Diego Promise, which was launched by the San Diego Community College District (SDCCD) in 2016, offers up to two years of free tuition for first-time, full-time students who are recent high school graduates.
Thanks to funds raised by private donors, the San Diego Promise is also open to former foster youth, formerly incarcerated adults returning to school, those who cannot attend full-time due to unique circumstances, and DACA recipients. Along with free tuition and health fees, other benefits of the San Diego Promise program include book grants for eligible students, access to a peer mentor, and individualized counseling and guidance support. The Promise program helps students complete their educational goals whether they receive a certificate of completion and enter the workforce, earn an associate degree, or transfer to a universit
Thank You Heroes Home Rebate Program
relocates corporate headquarters
The Thank You Heroes Home Rebate Program has relocated its corporate headquarters to 8787 Complex Drive, Suites 208 and 209, in Kearny Mesa. The move grows the company’s office space by more than 35 percent to nearly 4,000 square feet and features upgraded building amenities, newly remodeled work areas, a superior location with better access, signage and parking for clients.
The company was previously located in another Kearny Mesa location.
Thank You Heroes (TYH) is an innovative San Diego-based program combining rebates, services, discounts and guarantees to community heroes such as law enforcement, first responders, teachers, clergy, health care workers, active duty military and veterans. Designed to truly protect community heroes, the Thank You Heroes Program actively works with its members to ensure delivery of legitimate rebates, discounts and benefits under one umbrella program.
San Diego City Council moves forward with vaccine mandate
The city of San Diego will impose its vaccine mandate on city employees, including police officers, despite strong opposition from the police union. The San Diego Police Officers Association was the only of the city’s six labor unions to reach an impasse with the city over the mandate during several rounds of negotiations.
About 37 percent of about 1,900 police officers on the force — 709 — were unvaccinated as of last week, according to the city. Overall about 20 percent of the city’s workforce — about 2,000 employees — remained unvaccinated.
North Island Credit Union provides $500 in
teacher grants to benefit region’s students
Designing edible gardens, exploring heart-muscle connections through experiential learning, and re-creating the Gold Rush are just a few of the school projects receiving funding from North Island Credit Union through its fall 2021 Teacher Grant program.
As part of its commitment to help educators create innovative learning opportunities for their students, the credit union has provided 10 grants of $500 each to underwrite class projects in San Diego County. The credit union grants will fund a diverse range of programs illustrating the creativity and commitment teachers bring to their classrooms and communities.
The Fall 2021 North Island Credit Union Teacher Grant recipients include teachers across San Diego county.
Marty Lorenzo joins ViaCyte Inc. as general counsel
San Diego-headquartered ViaCyte Inc. announced the appointment of Marty Lorenzo as general counsel. Lorenzo brings over 20 years in the legal profession leading corporate transactions and compliance functions.
Lorenzo joins ViaCyte having most recently served as the vice president legal affairs and assistant corporate secretary at Petco, where he was the legal lead on Petco’s recent successful IPO. During his tenure at Petco, he led corporate governance, business and corporate development, and government affairs functions. Prior to joining Petco, Lorenzo was a partner in the corporate departments of DLA Piper, Mintz Levin, and Kilpatrick Townsend.
Dr. Seuss Enterprises and Vacasa team up
for holiday stay in Grinch’s Mt. Crumpit Cave
Dr. Seuss Enterprises, a global children’s entertainment company based in San Diego, is teaming up with Vacasa, North America’s vacation rental management platform, to create one of the most unique experiences just north of Who-ville in the Grinch’s famous cave! The Seusstastic story of How the Grinch Stole Christmas! will be brought to life for a limited time, giving holiday revelers the chance to experience the Grinch and his dog Max’s home like never before.
Adventurous travelers, families, and Grinch enthusiasts looking for a steal this Christmas can celebrate the holiday season in the most whimsical way — by actually booking the Grinch’s infamous cave on Vacasa.com.
Palomar Health partners with Kara Health to form
Palomar Health Palliative & Hospice Care
Palomar Health is partnering with Kara Health to expand its continuum of care, further allowing patients to receive world-class healt hcare in their own community and home through a new joint venture — Palomar Health Palliative & Hospice Care.
Palliative care provides specialized medical care for people living with a serious illness such as cancer or heart failure. Hospice care focuses on the care, comfort, and quality of life of a person with a serious illness who is in the last six months of life.
Through this new partnership, Palomar Health Palliative & Hospice Care allows patients to stay within the Palomar Health family when dealing with serious illness. Patients will benefit from more effective pain and symptom management through greater coordination and collaboration between patients’ clinical teams in all settings, from inpatient to outpatient to home.