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BALTIMORE-The City of Baltimore has sold revenue bonds totaling $301.7 million for the financing of the planned 756-room Hilton Convention Center Headquarters Hotel. The senior revenue bonds and subordinate bonds carried an average interest rate of 5.008%.

"It was a very favorable rating," Jeff Hungate, chief operating officer of the Baltimore Area Convention and Visitors Association, tells GlobeSt.com. "The bonds exceeded our expectations." The hotel will cost an estimated $305 million to complete.

The new Hilton will be a 19-story tower featuring 62,000 sf of meeting space and a parking facility to accommodate 550 vehicles. Designed by architectural firm RTKL Associates, the hotel will be an L-shaped structure and will be physically connected to the 1.2-million-sf Baltimore Convention Center.