The Westin Hotel chain will get a 15-year management contract in the deal. Plans call for 10 floors of rooms, with four levels of below-ground conference rooms, restaurants, parking and other hotel amenities.

Under the financing plan, Westin also will also purchase $7.5 million in junior note obligations that will be secured by hotel revenues. The hotelier also must contribute $1 million toward design costs and fund a working capital account up to $1.5 million, with initial funding of $600,000. Construction, which could begin in fourth quarter 2001, carries a late 2003 completion date. In 15 years, it is estimated that the hotel will be worth $175 million.

Denver City Council has yet to approve the proposal. City councilwoman Susan Barnes Gelt says the deal is great for the city. "It's a Herculean effort to arrange hotel financing in this market," she tells GlobeSt.com, explaining the motivation for DIA and the city to put up the money for the project.