The five-star property will occupy a two-acre plot and will ultimately offer 25 upscale rental apartments, as well as a yet-to-be-determined number of condominium residences. Paterakis, the tycoon head of H&S Bakery, will fund much of the project with an investment in the neighborhood of $35 million. H&S's commitment to the project comes at a time when the hospitality industry is still feeling the effects of the Sept. 11-induced downturn in profits. Despite the floundering market, all parties involved believe the new development will prove successful. "We continue to expect the pace of openings of our hotels and resorts over the next two years to be very strong," Four Seasons Hotels Inc. Worldwide Business Operations president Kathleen Taylor explains in an August report on the company's second quarter 2002 results. "We continue to see interest in developing and building luxury projects, and our development partners have been able to continue to secure financing in connection with these new hotels."

The state sees benefits in building the new hotel in Baltimore, as well. "We have a thriving convention center in Baltimore and in order to attract large conventions, we need more hotel space," Maryland Department of Business and Economic Development spokesperson Karen Glenn tells GlobeSt.com. "This is something the city has been wanting to improve and a hotel of this magnitude would help." The Four Seasons will join other high-end hotels in the area, including a proposed $190-Ritz Carlton and the $130-million, 750-room Baltimore Marriott Waterfront, which H&S opened in February 2001.