The Real Deal Miami

Comeau hotel financing plan rejected

March 29, 2010 02:44PM

Developer John Quinn’s dreams of converting the historic Comeau Building in West Palm Beach into a four-star boutique hotel won’t be realized any time soon. Commissioners today rejected Quinn’s request for a $50 million bond issue to help finance the project at 319 Clematis Street, which would have called for a 162-room Marriott Renaissance Hotel, without even voting on the proposal. The plan, they said, was too risky in the current economic climate, despite assessments from hotel experts and consultants that said the hotel was likely to succeed. While the city needs more hotels, the commissioners said the risks outweighed the potential benefits at this time. Quinn, of Chicago-based NCP Holdings, recently reached a deal with lender Bank of America to avoid foreclosure on the 85-year-old, 10-story office property, which has a number of vacancies. [Palm Beach Post]