Posted Jun 15, 2021, 11:54 PM
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James
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Join Date: May 2004
Location: San Antonio, Tx
Posts: 2,473
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From Feb 2021, Pandemic derails GrayStreet Partner’s plans for Broadway East, delays W Hotel
Quote:
Since 2018, GrayStreet has had plans to build a 20-story tower on lower Broadway with offices and a hotel operating under Marriott’s W Hotel banner. The hotel was projected to open in January of next year, but it has not yet broken ground.
That project has been delayed because it took longer than expected to raise equity capital, Covey said.
“Unfortunately it pushed the project back enough that Covid eliminated the debt market for new office and hotel development,” he said.
The project is on hold “until the debt markets come back,” he said.
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