IRVING, TX— Citing weakness in the global hotel industry, Barcelo Crestline has opted out of its deal to provide more than $11 million in financing for a Convention Center Hotel here. Stormont Hospitality Group, developer for the $84 million hotel project, was recently informed of Barcelo’s decision and said it would not affect completion of the project. According to Stormont, the search for a replacement had already begun as Barcelo showed signs of pulling out of the deal for weeks. The more than $47 million in debt financing that Starwood has committed is still secure, according to the Irving Convention & Visitors Bureau. The hotel will bear the Westin name.
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