LONG BEACH, CA The Redevelopment Agency Board here extended the deadline for construction on the Hotel DOrsay by six months. The proposed $35 million project is to be built near the downtown promenade, and was slated to break ground this month. The extension gives the projects French and Swiss backers more time to finance the four-star hotel.
Delays had resulted from a failed 1-year-old British financing package, which no longer exists. Developers blame the failed deal on the weakness of the euro, and are now looking to American lenders. (3/14/01)
SOURCE: Press-Telegram, Long Beach