Mortenson / WELBRO Joint Venture Scores $530M Contract

“Marriott International, Inc., together with the owner and development partnership led by RIDA Development Corp. and Ares Management, L.P., announced today the closing of a $500 million construction loan from Wells Fargo Bank as lead agent for construction of the two million square foot and 1,500 room Gaylord Rockies Resort and Convention Center in Aurora, Colorado. The hotel is scheduled to be completed in late 2018.”

“Simultaneous with the closing of the construction loan, a $530 million guaranteed maximum price construction contract was entered into with Mortenson Construction and WELBRO Building Corporation. The loan closing and entry into the construction contract will allow the project to begin vertical construction, which is expected to result in the hiring of more than 10,000 construction workers. The two million square foot and 1,500 room Gaylord Rockies Resort and Convention Center in Aurora, Colorado is scheduled to be completed in late 2018.” http://bit.ly/1V7GP2z