The much-anticipated naming of the controversial waterfront hotel has been delayed until at least November.
City manager Tim Commisso on Thursday said he remains confident the developers, Laureate Developments and the Resolve Group, are on track and simply working out the final details of a deal believed to be worth between $22.5 million and $25 million.
“Everything’s in place,” Commisso said. “Over the summer there was a change in the ownership group where they’re now looking at a joint venture. One of the things about this project that people need to understand is to get the debt financing for a hotel is somewhat of a challenge.”
Commisso added that to avoid reliance on the bank, the developers are trying to put together as much equity as possible, which is part of the reason for the continued delays.
“That partnership ... is being finalized. Once that’s in place they’ll sign an agreement with the hotel. Once the land is sold, then they?re in the position to make the announcement,” Commisso said.
“I just want everyone to be aware, this is not our deal. This is a private-sector deal.”
He added that the owners have provided him an update as scheduled, which he in turn has shared behind closed doors with city council.
Construction must start this winter, he said, in order to move the project ahead as planned.
“That really is the date for everything we want to have in place,” he said.
Tbnewswatch last year learned the hotel would fall under the Delta brand, though city officials have refused to confirm, citing legal reasons.
