Gaylord

Marriott International has raised a $500m loan from Wells Fargo Bank for the construction of Gaylord Rockies Resort and Convention Centre in Aurora, Colorado.

Marriott raised the loan as part of a development partnership led by Rida Development and Ares Management.

Houston-based Rida will be the developer, while Marriott International will operate property.

Wells Fargo Bank arranged the loan, leading a consortium of banks including the Bank of America, Bank of Nova Scotia, MidFirst Bank, Sumitomo Mitsui Bank, CIT Financial, Credit Agricoleand US Bank.

"The partnership should create over 10,000 jobs for the State of Colorado."

Ares Real Estate Group managing director Andrew Holm said: "The construction of the Gaylord Rockies continues Ares’ history of developing best-in-class properties across major markets in the United States, and we are grateful for the opportunity to work with the City of Aurora on this $800m project."

Michael Kofsky will work as the director of sales and marketing for the hotel, and aims to book more than 1.25 million room nights before opening.

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The project is expected to create jobs for about 10,000 construction workers, and 2,500 permanent hotel jobs. The economic impact of the project on the state is estimated at more than $7bn.

RIDA Development president Ira Mitzner said: "At a time of uncertainty in the economy, it is especially fulfilling to know that the partnership should create over 10,000 jobs for the State of Colorado over the next three critical years."

A construction contract worth $530m has been signed with the Mortenson Construction and Welbro Building.

Marriott International group president Dave Grissen said: "Adding a western group destination of this scale to Marriott’s portfolio allows our sales teams to leverage existing group business demand into the property and create new demand in the market with meetings customers who have never considered Coloradofor their events."

Scheduled to open in 2018, the 2mf² development will be situated ten minutes from Denver International Airport.

The 1,500-room hotel will also feature three ballrooms, three event lawns, an exhibit hall and dining outlets, retail shops, fitness and beauty centres, and an indoor / outdoor pool.


Image: The 2mf² Gaylord Rockies Resort and Convention Centre in Aurora, Colorado. Photo: courtesy of PR Newswire / Marriott International