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Convention Center hotel developer asks for another extension

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WILMINGTON, NC (WWAY) -- The developer for Wilmington's Convention Center hotel has asked the city for a third extension in its effort to get financing for the project.

City Council next week will consider extending its deal with Harmony Hospitality, which ends today, 90 days through July 31.

The city and developer still need to hammer out final details on the design of the 186-room Embassy Suites and the land purchase agreement.

The city says Harmony has already submitted preliminary plans to build the $33.6 million hotel.

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What I read was....

They have a Coupon Book for extensions...and they just tear one out, and mail it in every 2-3 months or so.
The Mailman must have snitched this story out to the media :-)

Same story ..... Different day ..... Ad infinitum

So ..... (1)Still isn't financed, (2)Still havn't "hammered out" the final design details and (3)Still haven't finalized the land purchase agreement. In other words, nothing has been accomplished since the last extension.

None of this is really a surprise. Quite frankly, who in their right mind would want to finance a hotel whose primary customer base would be derived from a failing convention center. That's like chaining oneself to a dying white elephant and throwing away the key. Once the beast finally expires, one would have to commit suicide just to get away from the stench.

Getting closer and closer to the time when the "visionaries" on City Council can be relieved of their burden by being voted out.

You mean...

it's up to the voters? **gulp** I have about as much confidence in the voters doing the best thing for this city as the council.

i hope they dont get the

i hope they dont get the financing and theres no hotel. that be another nail in the mayor coffe, hahahaha we didnt want the convention center like the ball field ,

Well gee...

who didn't see this coming?! Have no fear, the vote will be unanimous to extend a third extension. Saffo and Company are looking forward to the ribbon cutting...if/whenever that happens. I can hear him now...he'll use words such as "economic engine", etc...just as he did when talking about the baseball stadium.

Just more drama for the

Just more drama for the convention center that is Saffo's folly.

Interesting

If the hotel doesn't get built that means that all estimations of ROT are now off for the foreseeable future - meaning of course that the CC "fund" would become less stable.
The entire city council outlook is for ever increasing ROT collections based upon 4 (or 5) hotels in down town.
What is curious is what the CC will do if this hotel fails to get built.

Vog

It would appear

some of the Chinese investors, who were looking to obtain Green Cards on an expedited basis, have had second thoughts on plunking down $500,000.

Correct

And from what I've heard their time frame for obtaining their Green Card is not that much quicker.
The H2A program can get you here in a hurry on a temporary basis. I don't know the exact process but once here it seems MUCH easier to get a Green Card.
And I think under H2A its little to no cost.

Considering the amount of time Shoninger has had to raise the funds, I believe this version of Hotel Wilmington may be in serious trouble.
And if it is - will the CC hotel EVER get built?

BTW - in my opinion this would give Ms Eaton and the CC staff a wonderful excuse to use when the CC fails to live up to it's expectations. Its not dong that now but in fairness I will give it 5 years........

Vog

Hey Vog

one of the biggies for the program is Green Cards for you, your spouse, and all children under 21. Plus an expedited path to citizenship.

H2A labor has some more restricted time limits for which they can be in country before they have to return to the old country.

Meanwhile, isn't Shonninger trying to use this same program to raise funds for his proposed cold storage facilities?

Yep

He is trying EB5 labor for the port storage facility.
But honestly? thats such a small project in comaprison to this hotel.

As for H2A yes it's more for seasonal laborers but I've heard that a good word from any farmer will get you extended stays.......

Interesting...

Vog

they, the Chinese should be

they, the Chinese should be having second thoughts, because we, the good old USA, have been known to renig on a lot of our promises, and once where we were a nation of men that could do a deal on a handshake, couldn't be trusted to do a deal witnessed by a staff of lawyers anymore.