Convention Center Hotel Developer in Irving, Texas, Fails to Secure Financing
A $90 million Irving, Texas, convention center hotel deal has not secured the financing needed to move forward for the moment. The 350-room property, which was to be a Westin, was going to combine public and private financing, but Mortensen Development has told the Irving City Council that it cannot meet an August deadline for its share of the deal. The agreement with Mortenson was terminated as of July 31, in keeping with the terms of the third extension granted by the Irving City Council, after the developer cited rising construction costs as the reason why they couldn’t secure the final piece of funding needed for the project. The city might send out another RFP sometime after Labor Day. Meanwhile, the council is considering three or four unsolicited proposals, and Mortenson is still trying to obtain the money needed. The full-service property, the headquarters hotel for the Irving Convention Center at Las Colinas, was to have 20,000 square feet of meeting space of its own, and be connected by skybridge to the 275,000-square-foot center.