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Convention Center Hotel Will Need Financial Help

BOSTON- Starwood Hotels and Carpenter & Co. are having difficulty securing financing for the proposed anchor hotel in South Boston's convention center. The developers insist they need financial concessions.

By Naomi Grossman | Updated on November 09, 2000

BOSTON-With less than three weeks left to get the financing together, the private developers for the $270 million anchor hotel in South Boston’s convention center have reportedly agreed to cut its fees for developing and managing the hotel by a third. The recent tightening of the capital markets has made it difficult for Starwood and Carpenter to obtain financing for the project.

The developers have stated that unless there are financial concessions on both sides of the deal they cannot go ahead with the project. The hotel is considered vital to the success of the convention center. Richard Friedman, Carpenter’s local partner says he has no comment, but the reduced fees would save $1.5 a year million over 30 years.

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