from this morning's San Diego Business Journal (10/6):
Hang Up Your Coat and Stay Awhile
By CONNIE LEWIS - 10/6/2008
San Diego Business Journal Staff
"Midway through construction on a condo project on Hancock Street near Old Town in April, developer Constellation Property Group decided to convert the property into a residence hotel.
It may have been the first time that such a conversion had ever happened locally.
But it wasn’t because of the slumping residential real estate market, says Constellation President Eugene Marchese. Constellation’s general contractor had filed for Chapter 11 bankruptcy protection. “The bank was concerned that we were going to turn over the keys,” said Marchese." ...
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