D.C.’s long-planned SLS Hotel project is inching closer to breaking ground.
Developer Peebles Corp. has lined up financing with a large international lender, according to Donahue Peebles III, senior associate of development. He declined to identify the lender until the deal closes this spring.
Late last year, the financing was in question for the 175-room hotel and 45 condo units. The delay prompted the D.C. Council to approve an extension to Peebles’ right to buy the D.C.-owned property. That extension expires April 1.
At the time, Councilman Kenyan McDuffie, D-Ward 5, told his colleagues the extension was needed because Peebles had reached an impasse with its previous financing partner. Fellow Councilman Charles Allen, D-Ward 6, voted for the extension but said he would not be willing to grant another one.
In December, Peebles said the company couldn’t come to final terms with the previous lender because of the project’s agreement with a hotel trade union. The new lender…Read the full story from the Washington Business Journal.