BOSTON— According to a report in the Boston Herald, Starwood and local development partner Richard Friedman would have a better chance of nailing down required financing for a proposed Boston hotel if they break the $300 million project into two parts. Any progress on Starwoods stymied South Boston project would be good news for the struggling $800 million convention hall, slated to open in 2004. The state- and city-backed meeting hall is rising amid an undeveloped expanse of parking lots and open lots near Southies waterfront, said the paper. Since winning the contract in 1999 to build the hotel, Starwood and Friedman have struggled to line up the financing needed to get the project off the ground. Starwood Hotels & Resorts Worldwide is now said to be weighing plans to split its proposed 1,100-room hotel project into two phases— and two buildings— in order to overcome years of frustrated efforts to finance the giant hotel, insiders said. Instead of $300 million, Starwood and Friedman might only have to come up with $175 million for the first phase, sources said. SOURCE: Boston Herald
