Representatives of Starwood Hotel & Resorts Worldwide, which is developing the hotel with locally based Carpenter & Co., did not return calls by presstime. Steven Goldman, vice president of acquisitions and development for the company is quoted as saying that it could be helpful for the city to float a bond to help with the financing. Andy Antrobus, spokesperson for the Massachusetts Convention Center Authority, insists that that will never happen. "We agreed with them at the time that subsidies were not something we would pursue," Antrobus tells GlobeSt.com. "We're not interested in hearing about bond financing. It's not something we intend to do."

Reportedly, the project was originally estimated at $270 million, but Starwood has expanded the plans. Because the costs have yet to be finalized, it is still unclear whether there are any potential equity partners. The project still needs to be approved by both the MCCA and the Boston Redevelopment Authority. Reportedly, Starwood will have its cost estimates when it submits its plans to the MCCA at the end of this month.

Looking for financing for a large hotel project in the current economic climate is not easy. The hotel industry in general is experiencing a lag, specifically very large projects such as this one. According to the deal it struck with the MCCA, Starwood is obligated to continue with the project whether it manages to obtain financing or not. The company already gave MCCA a $15 million nonrefundable deposit that it would have to forfeit if it gave up on the hotel.