The Massachusetts Convention Center Authority (MCCA) in conjunction with the Boston Redevelopment Authority is developing the Boston Convention and Exposition Center (BCEC). This state of the art facility will include approximately 1.7 million square feet of total area with approximately 600,000 square feet of exhibition space, 200,000 square feet of meeting rooms, a 60,000 square foot ballroom and support space totaling more than 800,000 square feet. The facility is anticipated to open in the fourth quarter of 2003. As part of the BCEC development, the MCCA recognized the importance of a headquarter hotel. In April 1999, CHM was selected by the MCCA to assist in identifying and selecting a developer and operator for the planned hotel. Since then, CHM has worked closely with MCCA to determine the appropriate size and scope of the proposed development, prepare the Request for Information (RFI) and a Request for Proposal (RFP), review and evaluate responses and proposals, and recommend the most qualified candidate. CHM continues to advise MCCA on the development planning phase and will be negotiating both the management contract and ground lease, assisting in the development of the financing structure, and providing technical assistance during construction, which is slated for completion in 2005. CHM is confident that asset management services employed during the development cycle will ensure that this hotel is well positioned to support both the new BCEC facility, as well as the financial objectives of the Authority. |