Thursday, 19 Apr 2018
Business

Owners of the Sheraton Santiago seek to build a 33-story tower on the side of the hotel

dificio would be for residential use and considers a cost superior to US $ 90 million. It will be located at the corner of El Cerro and Emeterio Larraín streets.

The Sheraton Santiago hotel, located in the foothills of Cerro San Cristóbal, is one of the icons of the city of Santiago. It opened in 1970 and since then it has undergone a series of modifications.
Now a major surgery is coming: the owners of the building project the construction of a 33-story building in the only available area on the land that houses the hotel, which is on the corner of El Cerro and Emeterio Larraín streets, next to the entrance to the parking lots of the Sheraton.
Today that space is a green area, and the idea of ​​the owners is to open a large public square, so it is only considered using a third of the cloth available for the construction of the tower, which will be used for residential and commercial use in its first floors.
The idea is to replicate what was done in the W of Isidora Goyenechea, where a building destined for a hotel and another for apartments coexist.
In 2015, the hotel investment fund, managed by LarrainVial Activos, bought the Sheraton Santiago Hotel and San Cristobal Tower for US $ 75.8 million.
Among the contributors to the fund are Jorge Breitling and Oscar Biderman (founding partners of the Hotel Intercontinental Santiago), who are precisely the ones who are leading the project today to build the new tower on part of the Sheraton site. They have the advice of architect Francisco Izquierdo, who has worked on the integration of the new project with Cerro San Cristóbal.
The apartments would be of high standard, and in the first instance they would have between one and three bedrooms. It is estimated that the cost of the building would exceed US $ 90 million, which is what was disbursed for the construction of the second Santa María tower, also 33 floors, which is meters from the Sheraton.
The financing formula of the new property is still under study. The alternatives range from the fact that the same fund develops the work, that a third party builds it, or that a company is formed.
It is estimated that the construction of the building could start during the next year. E

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