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Stanford Management Co. is close to a deal with Fort Lauderdale-based Auto Nation to buy out the remaining years of the auto conglomerate’s lease of a Menlo Park site in order to expand the Stanford Park Hotel, a Stanford official said Friday.
Auto Nation has six years left on its lease at 300 El Camino Real, the site of the former Anderson Chevrolet auto dealership, which closed in August 2005.
Stanford Management Co. officials are in talks to buy out the lease to make way for an 8,250-square-foot conference center and additional parking that would stretch onto about one acre of the 2.5-acre former Anderson Chevrolet site, said Steve Elliot, managing director of development for Stanford Management Co.
He said Stanford has no immediate plans for the remaining 1.5 acres of the site.
Talks with Auto Nation have been “on and off” for about a year, Mr. Elliot said. He noted that an agreement is set, but not closed. Details of the agreement are not being released at this time, he said.
The hotel is adjacent to the abandoned auto lot.
“The motivation for the expansion was driven by an increase in competition anticipated as a result of the Four Seasons Hotel in East Palo Alto and the new Rosewood Hotel now under construction on Sand Hill Road at I-280,” said David Johnson, the city’s business development manager in a press release.
Mr. Johnson said tax revenues the city would garner from the hotel expansion are unknown, but noted “transient occupancy tax revenue to the City is expected to increase as the average overnight occupancy rate is expected to increase substantially.”
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