Carpenter & Co., Inc. is a co-developer of the project along with Starwood Hotels & Resorts Worldwide Inc. and local development partners Stephen Karp, Steven Fischman, Joseph Fallon and Joseph O'Donnell. The financing commitment provided by the lead lender Scotia Capital, a member of Scotiabank Group with eight participating banks, supplements funds previously committed by the development team, which is called Boston Convention Center Hotel LLC, and Starwood Hotels. It also supplements the recent $15-million loan from the city.

"This financial commitment by Scotia Capital confirms that this hotel will be built," says Fallon, adding that the project in the final stages of development and a construction schedule is being worked out with Suffolk Construction. "We expect to complete loan documents and due diligence with the banks by the end of April. We're optimistic that construction will then start immediately."

Construction is expected to be complete by spring 2006 and an additional 330 rooms are planned as part of a second phase of construction. Toronto-based Scotia Capital has been involved in financing several Boston area projects including Rowes Wharf, Museum Towers and University Park.