Baltimore Four Seasons hotel project moving ahead

Baltimore's $197 million Four Seasons Hotel is on target to open by late 2011 with partial financing from the proceeds of $45 million in tax-exempt bonds issued by the Maryland Industrial Development Financing Authority.

Representatives for the state and the hotel developers said PNC Bank is purchasing the state-issued bonds and that the proceeds will be loaned to the developer so that it can complete the 18-story, 256-room luxury hotel in Harbor East. Affiliates of John Paterakis' H&S Properties Development Corp. are the developers.

MIDFA held a public hearing on the bond sale Wednesday morning, and the settlement is scheduled for Thursday. According to H&S Vice President Michael Ricketts, the hotel project is expected to create 1,273 construction jobs and 577 full-time jobs.
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