Chris Brady, the assistant city manager who works on downtown issues, tells GlobeSt.com that New York City-based Related Lodging Group appears to have solved the financing roadblock. "They say they have another option in place for financing," Brady says. "We're going to meet with them about it next week."
Plans to build a $257-million hotel with more than 1,000 rooms next to San Antonio's convention center on the River Walk have been in place for a couple of years. Related Lodging, the developer, has had trouble rounding up financing. The project has missed several deadlines because of the financing problems.
Related Lodging and Starwood Hotels & Resorts Worldwide, Sheraton's owner, have discussed the new financing between themselves and feel it's ready to bring to the city, Brady says.
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