[mylesmalley]

From the times and transcript

Charlottetown to get $45M hotel
Published Friday November 28th, 2008
C3

CHARLOTTETOWN - Homburg Invest Inc. (TSX:HII) says it expects construction of a new hotel in downtown Charlottetown will begin in early 2009 as part of the company's $45-million redevelopment in P.E.I.'s capital.

The 10-storey, 82-room boutique hotel will be Phase 3 of the project which is expected to be completed in the next 24 to 30 months, the Halifax-based real-estate company said yesterday.

"We decided it was time to reinvest in the next 10 years," Richard Homburg, chairman and CEO of Homburg Invest Inc., told a news conference in Charlottetown.

Homburg said the tumult on global financial markets didn't stand in the way of making this project a reality.

"Yes, these are very tough economic times -- some call it a financial crisis," Homburg said. "Still, Homburg is in this for the long haul. We have a great deal of confidence in the future of Charlottetown and Prince Edward Island."

Financing for the project is already in place. The P.E.I. government provided a $30-million loan.

"You cannot sit still and go home," the CEO said. "The biggest fear is fear itself. You have to move ahead (when times are tough). We (Homburg) are financially strong."

The three-stage redevelopment of the Confederation Court Mall will also include a new eight-storey Class A commercial office building and refurbishment of the 30-year-old complex.