The three hotels selected are: the Westin Convention Center, a 795-room hotel that will receive $15 million; the Mandarin Oriental Hotel, a 150-room hotel that will also receive $15 million; and the Regent Boston Battery Wharf, a 150-room hotel that will receive $10 million. The funding is being made available through the Department of Housing and Urban Development.

"The impacts of the hotel development loan fund will be far-reaching and positive," says Mayor Thomas M. Menino. "Not only will it bring the hotel rooms Boston so desperately needs, it will also create housing, jobs and will add significantly to the city's tax base." The city anticipates that it will leverage three quarters of a billion dollars in construction, create more than 1200 jobs and generate more than $10 million in annual tax revenue through the three hotel projects.

The projects will also add a total of 1,095 rooms to the city's supply. Two of the projects have a residential component. The developers will also contribute $5.8 million to the Neighborhood Housing Trust and $1.2 million to the Neighborhood Jobs Trust.

Boston Redevelopment Authority director Mark Maloney emphasizes that the investment is a good strategy that will enable the city to be in a good position for the economic recovery. "These projects will have a ripple effect throughout our city, bringing millions of linkage dollars for affordable housing development and job creation," says Charlotte Golar Richie, chief of Housing and director of the Department of Neighborhood Development. The $40 million Boston Hotel Development Fund will be administered by the city through the Department of Neighborhood Development.