Another 1,100 rooms hang in the balance if Starwood Hotels & Resorts Worldwide fails to get financing for its proposed Sheraton by the South Boston convention center. According to Baeke, "Starwood was awarded the contract to develop the 1,100 rooms, and they were given rights to move forward as long as the financing was in place. But financing was not in place, so an extension was granted until the end of September. They got another extension, and most recently, there have been rumblings at the Massachusetts Convention Center Authority that Starwood is out of funding and is pulling out."
If the projects do in fact fall through, says the PWC manager, it will not only be a blow to the local market as a whole, but there will also be "real questions about the ability of convention center to book."
Neither the Pritzkers nor representatives of Starwood were available for comment.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
