An option by Manchester Resorts to build a second tower for the hotel expired on Jan. 1. But port officials agreed last week to extend the deadline to April 12 to allow the developer to raise nearly $275 million in financing for the project.
Meanwhile, port officials are readying a backup plan if developer Doug Manchester is unable to come up with the financing for the much-needed additional hotel space. The port will look at using tax-exempt financing, based on a parking garage owned by the Hyatt, to build a second hotel, independent of the Hyatt project.
Manchester is also planning a 400-room resort hotel on the waterfront at Oceanside and is running into similar financing problems with that project.
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