Denver's Mayor Wellington Webb picked the Hyatt Corp. to manage a 1,100-room headquarters hotel, to be located within a block or two of the Colorado Convention Center in downtown Denver. The announcement was made on August 18, during the American Society of Association Executive's annual meeting in Denver. Hilton Hotels had been the other finalist with Hyatt.
As part of the agreement, Hyatt will buy $10 million to $12 million in bonds to help finance the construction of the building, which has an anticipated opening in 2005. The city is raising the financing for the rest of the construction through bonds. The exact location, contractor, and architects for the building are to be announced this fall, according to the Mayor's office.