TALLAHASSEE, FL— After years of delays, everything is finally ready to go for the construction of a 325-room Marriott Hotel here, according to the projects development group, Marvin Rosen of West Palm Beach, FL. The hotel has been on the drawing board since 1996. A lawsuit by the owner of a proposed rival hotel delayed the project by two years. Site plan approval also took longer than expected, as did finding financing. However, it looks as if all the pieces are in place to being building the property. Meyer Jabara Hotels, which has taken a more active role in the projects development, noted that in assessing the financing of the deal, they were advised to add 21 condos to the project. As soon as they announced it, a Florida developer bought all 21 condos for resale purposes, making a major contribution to the financing plan. According to the developers, Corus Bank will be the lead lender. Moreover, the developers convinced the Civic Center Authority to finance a below grade parking garage which, when finished will greatly reduce the overall hotel development costs.
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