Posted 4/5/2013 – 10:02:53 AM

REDONDO BEACH, CA—Groundbreaking will be held here April 9 for a 147-room Hilton Garden Inn and a 172-room Residence Inn by Marriott at the corner of Marine Ave. and I-405 East.

The $59 million project is estimated to be a 13-month process with both hotels scheduled to open in 2014.

The development is a joint venture between Mogul Capital, LLC, and Trancas Retail Center Fund, LLC, of Park City, UT, with debt financing provided by Orix Municipal Finance of Dallas, TX. Summit dck, Inc., based in Irvine, CA, will oversee construction and Evolution Hospitality of San Clemente, CA, will provide management oversight for the project.

The Hilton Garden Inn will offer 2,200 sq. ft. of meeting and event space, a restaurant and bar, heated outdoor pool and spa, fitness center, business center and 24/7 market. The adjacent Residence Inn by Marriott will feature a complimentary hot breakfast buffet daily and evening reception Monday through Thursday, heated outdoor pool and spa, business center, 24/7 market and 1,800 sq. ft. of meeting and event space.