In what appears to be a first for storied John Q. Hammons Hotels and Resorts, and somewhat ironic in light of the fact that the legendary Mr. Hammons has not been in charge for just about a year now, a project under construction in Colorado Springs, Colorado, will not be completed by the company and will be auctioned in October, according to published reports on Friday.
The Springfield News-Leader in Missouri has reported that Hammons, 92, invested between US$25 million and US$30 million into the Renaissance Hotel, intending to obtain additional financing to complete the US$90 million, 300-room hotel.
Justin Harris, vice president and general counsel for John Q. Hammons Hotels and Resorts, told the News-Leader that construction stopped two years ago and available financing for Hammons to complete the deal had dried up. Harris added that Hammons likely would not recover any of his investment in the project after the foreclosure sale to satisfy a US$24.6 million mechanic’s lien filed by general contractor Flintco Inc. of Tulsa, Oklahoma.
Last year, Hammons, who developed more than 200 hotel projects over some 50 years, entered a Springfield nursing home and transferred leadership to his associate Jacquie Dowdy, who is the current CEO of the company. A legal case involving the ongoing guardianship of Hammons is still pending.