Most Shared

Weather Alert


A WINTER STORM WARNING has been issued for Northern Baltimore and Carroll Counties and a WINTER WEATHER WEATHER ADVISORY has been issued for Baltimore City, Harford, and Howard Counties.  Rain will develop toward daybreak Wednesday, changing to snow through Wednesday morning.  Snow should end by around sunset on Wednesday evening.  Snow totals could range from about 1-3" northwest of I-95, with up to 3-6" and road problems north and west of the Beltway.


Weather Alert Radar

text size

Chesapeake Hyatt Hotel Dips into Cash Reserves to Meet Bond Payments

Updated: Friday, August 2 2013, 09:22 PM EDT

A government-backed hotel built in Maryland now finds itself unable to generate enough money to meet bond payments. Just last week the state-backed Chesapeake Hyatt Hotel was forced to dip into cash reserves to make payments on $160 million in bonds issued by the Maryland Economic Development Co.

In a letter obtained by FOX45, the Hyatt’s Board says it must draw another $2 million from an emergency fund to make its most recent payment – depleting a “rainy day” fund just as payments on principal are coming due.

The Hyatt is not the only local, government-backed hotel having trouble meeting its financial obligations. Earlier this year Baltimore’s venture into the hotel business hit a snag when the Baltimore Convention Center Hotel was also unable to generate enough cash to make debt payments.

Chesapeake Hyatt Hotel Dips into Cash Reserves to Meet Bond Payments

Advertise with us!

Waste Watch National Stories

Advertise with us!

Washington Times