Friday, August 15, 2008

Another Hotel Deal in Limbo?

The news of the stalled hotel deal in Columbia Gateway reminded me of another large local hotel project that may be in jeopardy. The Crosswinds Resort at the BWI Thurgood Marshall airport is a $450 million planned development that includes 1,100 hotel rooms, a 125,000 square foot indoor aquatic park (think larger than Lifetime Fitness), a 90,000 square foot conference center and 100,000 square feet of retail off Winterson Road in the Airport Square Tech Park.

The website projects a late 2007 construction start with project completion in late 2009. The photo above was taken last month. Aside from this sign, there was no evidence of any other construction activity. A subsequent email sent to the ASHA Companies in Clarksville requesting an update on the development went unanswered.

I suspect that the current constriction in the capital markets has adversely affected this hotel deal too.