UPDATE: Grand Hyatt opening delayed again
Web Posted: 02/13/2008 03:00 PM CST
Melissa S. Monroe
Express-News Business Writer
The date of the opening of the luxury convention center hotel has been pushed back a second time to March 19, city officials confirmed Wednesday.
Just last month, developer and general contractor FaulknerUSA of Austin said it agreed to push back the opening date of the Grand Hyatt from Feb. 6 to Feb. 26. Groups planned at the 1,000-room hotel are being moved again to other downtown hotels.
"Hyatt is moving all its groups through March 19 so that they can train the staff and focus on being ready for the Final Four," said Michael Sawaya, the city's director of convention, sports and entertainment facilities.
Sawaya said the city is not concerned about the second delay, despite the fast-approaching NCAA Final Four men's basketball tournament scheduled for April 4-7 at the Alamodome. The tournament is expected to bring 45,000 tourists to the city -- many of them with reservations at the Grand Hyatt.
But the more time Faulkner needs, the more fines it has to pay. Every day it has missed since the original Feb. 6 opening deadline, it's paying $70,300 a day to a fund that goes to make bond payments in January and July.
Some workers don't think the new March 19 deadline is realistic. Several employees at the job site Thursday said the project was at least three months behind schedule.
The project is being partly financed with $208 million in taxable and tax-exempt bonds, with the remainder being financed through Hotel Investments LP, which includes FaulknerUSA and Marathon Real Estate.
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