Downtown Everett Courtyard by Marriott Delayed Again

Proposed Courtyard by Marriott at Colby and Wall Street in downtown Everett

Difficult Financial Market Cited by Developer. The Everett City Council received a briefing last night on a request by the Touchstone Corporation to delay construction of a Courtyard by Marriott hotel at Wall and Colby. Since October of 2008, the city and Touchstone have been working to bring the eight-story, 156 room hotel to downtown Everett. So far there have been seven amendments to the agreement between the city and Touchstone and last night city planners requested an eighth amendment to allow study of New Market Tax Credits as part of the financing for the hotel project. (New Market Tax Credits are designed to provide investment capital for low-income communities), Paul Klansnic of Touchstone told me last night that they are 95 percent of the way through the permitting process but they’re still trying to work out the financing. He said that the normal hotel lenders seem to be holding onto their money and if you’re not in New York or Washington DC it’s still very tough to get financing for a hotel. Klansnic explained that the process for New Market Tax Credits is complicated and that’s why they are asking for more time from the city. If the amendment is approved, Touchstone will have until February 16th, 2012 to get financing and final approval.