Moores' JMI Realty will also invest $44.5 million of its owncapital into the project, which will fly the Westin banner. Thehotel is the first and largest of a trio of hotels slatedfor theburgeoning area.
The loan was provided by WestLB of Germany and Bank One.JMImight also tap the two banks for financing of a 203-roomAmeriSuiteshotel expected to break ground in the same area in a fewmonths. Thecompany also wants to build a smaller 105-room hotel inthe area.
Financing had been a question mark in proposals to build theJMIprojects and others that city officials say are needed to helppay theinterest on bonds that will be sold by the city to pay forneededinfrastructure improvements in the Ballpark District.
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