But the developers were facing down a deadline: If an agreement hadn't been reached now, Starwood would have forfeited its $15-million deposit. The hotel was initially supposed to open at the same time as the center, but a release from the MCCA says that construction of the hotel is now expected to be completed by fall 2005, about one year after the convention center's scheduled June 2004 opening date.

The deal involves a long-term lease between the MCCA and Starwood. The lease turns over the four-acre northeastern corner of the convention center's 60-acre site at the corner of D and Summer Streets and allows for demolition to get under way. The agreement features a room-block agreement catered to attract convention and meeting business. The number of rooms available is established on a sliding scale based on the advance notice given to the hotel.

According to MCCA spokesman Andy Antrobus, Starwood doesn't officially have all of its financing yet but he points out that he doesn't think the deal would be made public if they didn't have "everything in place." A spokesperson for Starwood tells GlobeSt.com that its representatives are traveling overseas and unavailable for comment.

The hotel will be developed in two phases, with 800 rooms being developed in the first phase and the remaining 320 rooms in the second phase. Estimated costs on the first phase of construction are at $170 million. Antrobus says that the second phase is supposed to happen within seven years of the first, according to the agreement. Construction is scheduled to begin this May. The local development team for the hotel project includes Joe Fallon, Steve Karp, Steve Fishman, Joe O'Donnell, and Dick Friedman.

"This is good news and will help our marketing efforts," says Antrobus. As of a few months ago, there were only 18 shows are booked for the convention center for 10 years beginning in 2004. The center will have 516,000 sf. of exhibit space.