Oct 24, 2008 5:22 pm US/Pacific
Local Developer Creates Stay-Cation Destination
EL DORADO HILLS (CBS13) ―
A developer is banking on the bad economy hoping, it'll help jumpstart business in one local town. Restaurants, a new hotel and an IMAX Theatre are opening tonight. CBS13 went to El Dorado Hills to see how this local area is shaping up to be a stay-cation destination.
Tony Mansour's ideas are big.
"You don't have to drive far from it. That's the idea we are creating," says Mansour.
The developer is building a $20 million dollar boutique hotel in the heart of El Dorado Hills Town Center with high-end prices, at a time when everyone seems to be spending less.
Mansour is also bringing the region's first digital IMAX Theatre, which is opening today at the Center's existing Regal Theater Complex.
"It's a mini-vacation. That's how you mitigate the price of gas because you have vacation right in your backyard," explains Mansour.
It's a backyard with shopping, spas, even fishing, and restaurants like Pueblo Chico. Pueblo Chico is hoping everyone will buy into the stay-cation idea.
"Have a margarita and pretend to be on vacation out here, but they are being cautious about their money," says restaurant management.
Some say that might be the bottom line.
"You are still spending money in the long run," says one consumer.
In the long run though, Mansour is willing to take the risk.
"Just about everything my family owns is out here. I have other investor's money, I have banks money. There is a lot of risk here," Mansour says.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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