A national chain hotel is interested in constructing a 200-room hotel in Sacramento, CA in mid-2022. The proposed hotel's design will be similar to a hotel the chain constructed in San Francisco, CA in 2016 at a cost of $8M, including the $0.25M cost (in 2016) for a shallow foundation system. The Sacramento, CA project will be supported on a deep foundation system having an estimated July 2022 cost of $1.2M. Develop an estimated July 2022 base cost to construct the Sacramento hotel (to nearest $0.01M). Do not include a design fee or contingency, and use an escalation rate of 8% beyond July 2021. Use the following data (as applicable): CCI 2016, Sacramento = 108.6 CCI 2016, San Francisco = CCI 2021, Sacramento 122.5 = 114.9 CCI 2021, San Francisco HCI 2016 = 206.2 HCI 2021, July = 257.5 129.8