PALM BEACH, FL— According to the Palm Beach Post, The Related Cos. are in final negotiations with Starwood Hotels & Resorts Worldwide to build a W Hotel next to the Palm Beach County Convention Center. The convention center, currently under construction, is scheduled to open in May 2003. Starwood is conducting its final due diligence on the property, and a definitive agreement is expected to be signed within the next two weeks, according to the paper. The Related Cos. would own the hotel, along with other investors, and Starwood would run the property. The Related Cos. expects to be able to arrange financing within four months, depending on the stability of financial markets. Ground will be broken on the project three to six months after financing is arranged. Construction will take 18 months and the hotel will probably feature 350 to 400 guestrooms. SOURCE: Palm Beach Post
