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DENVER-Local developers Bruce and Seth Berger received good news for their proposed $220-million, 1,100-sf Hyatt Regency Hotel planned across the street from an expanded Colorado Convention Center. The Hotel and Restaurant Employees Union Local 14 let a deadline lapse for appealing a Denver District Court decision.

The union, angry with the Hyatt over labor issues, tried to put a $55.3-million subsidy to the Bergers for their hotel on the November ballot.

The union didn’t return several phone calls, but Seth Berger is very pleased.

“We can now get back to productive work,” Berger tells GlobeSt.com.

But even with the union obstacle removed, it’s too early to try to snag a bank loan, he says.

Capital markets won’t commit to loans until six months before construction starts, he says.

Tentatively, the $268-million doubling of the size of the convention center would open in the fall of 2004 and the hotel would open in March 2005. If the city sticks to that schedule, the Bergers could line up financing in the second quarter of 2003.

But lenders need a specific opening date for the convention center, he says.

Berger says it would be “highly unusual” to have only one lender, but it would be equally as unusual to have more than five lenders.

“Generally speaking, banks usually don’t like to hold more than $30 million in this kind of a deal, so that would mean we probably would end up with about five lenders,” Berger tells GlobeSt.com.

Without union problems to worry about, Berger says he can get his team back in place for detailed architectural drawings and the preparation of other documents. The schematic, design/development, and construction drawings alone will cost millions of dollars, he said.

“And I’m working with 37 different consultants,” he says.

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