Stormont Gets Financing For Convention Center Hotel In Texas

IRVING, TX— Stormont Hospitality LLC, the developer contracted to build a headquarters hotel for Irvings proposed convention center, has secured financing after 17 months of negotiations, according to a report in the Dallas Morning News. Stormont has negotiated a deal for $17.2 million in equity financing through Barcelo Crestline Corp., which would also operate the hotel, the report said. Additionally, Stormont has gained access to $47.7 million in debt financing through Starwood Hotels & Resorts, which will offer its Westin flag to the 450-room hotel, according to the Dallas Morning News. The Stormont deal is reportedly the last major step necessary for the $172 million convention center project in the Las Colinas Urban Center to go forward. SOURCE: Dallas Morning News