The Westin Hotel chain will get a 15-year management contract inthe deal. Plans call for 10 floors of rooms, with four levels ofbelow-ground conference rooms, restaurants, parking and other hotelamenities.

Under the financing plan, Westin also will also purchase $7.5million in junior note obligations that will be secured by hotelrevenues. The hotelier also must contribute $1 million towarddesign costs and fund a working capital account up to $1.5 million,with initial funding of $600,000. Construction, which could beginin fourth quarter 2001, carries a late 2003 completion date. In 15years, it is estimated that the hotel will be worth $175million.

Denver City Council has yet to approve the proposal. Citycouncilwoman Susan Barnes Gelt says the deal is great for the city."It's a Herculean effort to arrange hotel financing in thismarket," she tells GlobeSt.com, explaining the motivation for DIAand the city to put up the money for the project.