The developer reports he has a $54.5 million mortgage in place from Freemont Investment and Loan and will build a $63 million, 500-room ($126,000 per room) Westin hotel adjacent to the Broward County Convention Center.
The latest hurdle for the on-again/off-again project, in the works since 1996, arose when the developer signed a contract and noted "minor changes" to comply with his lender's wishes. The county balked and said it would pull the plug on the whole deal.
Peebles, an African-American who reports that he has already invested $800,000 of his own money in the venture, is ready to build what would be Broward's first large minority-owned hotel.
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