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Hyatt Regency Developers Pounding Pavement for Financing

DENVER-This week's council approval to pump $53.3 million into a private hotel project has the developers scurrying to meet with prospective lenders. Seth and Bruce Bergers' financing trail could entail deals with at least four banks for the $217-million project.

By John Rebchook | Updated on January 10, 2001

DENVER-Backed by a $53.3-million subsidy OK’d by Denver City Council, developers Bruce and Seth Berger are starting their search for about $120 million in debt for the $217-million project. The Bergers are developing the 1,100-room Hyatt Regency hotel on a site across from the Colorado Convention Center.

Council had approved the subsidy about 1 a.m. Tuesday, the same day some potential lenders flew representatives to Denver to meet with Seth Berger. Meanwhile his father, Bruce, has headed to Europe to meet with foreign lenders. “We’ll be looking at lenders from the entire continent,” Seth Berger told GlobeSt.com. If domestic lenders are chosen, the Bergers probably will end up with a syndicate of banks led by one bank, he says.

Seth Berger says it’s about as difficult to finance a hotel these days than any type of commercial real estate project. But he says several experts say the project stands as good as chance as any in the country since it has the fiscal backing of the Denver Urban Renewal Authority. “But we know it’s not a slam dunk,” he told GlobeSt.com. “Everyone else going to these lenders also will have reasons why their projects look attractive. We’ll be competing against them.”

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