Port officials have agreed to extend the deadline for Manchester Resorts to raise nearly $275 million in financing for the project until April 12. It expired at the end of 2000.
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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