Developer Douglas Manchester broke ground on a 33-story, 750-room second tower on Thursday. Along with the existing 40-story, 875-room tower, the expansion will provide much-needed hotel space for the city's expanded Convention Center, slated for completion with fall.
A Manchester Resorts spokesman says the expansion, scheduled for completion in two years, will make the local hotel the second largest in the Hyatt chain at 1,625 rooms. Only the 2,019-room Chicago Hyatt will be larger.
Finalization of a $230 million loan — more than half of which will be used to pay off the mortgage on the first tower — allowed Manchester to move forward on construction of the new tower.
Manchester secured financing from two institutional lenders: Teachers Insurance and Annuity Association-College Retirement Equities Fund, and the New York State Teachers Retirement System. Both are located in New York.
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