Hotel to Be Built on 2 Newport Beach Parcels

A Colorado developer said it has acquired two Newport Beach parcels, including the former site of Fletcher Jones Mercedes-Benz, and plans to start building a hotel by year’s end. E.J. Holtze Corp., based in Englewood, bought 3.7 acres and expects to construct a $21-million extended-stay hotel on Quail Street that will cater to business travelers. The company sold the remainder to Lennar Properties, which plans to build a 100,000-square-foot office building, Holtze said. The Lennar site has a 250-car garage. The 304-suite hotel, to be called Holtze Executive Village, is expected to open early in 2000. Holtze, which operates three similar properties in Colorado, also has one under development in La Jolla and in Overland Park, Kan. The car dealership moved to a new location in Newport Beach.