The luxury hotel would be built on the south side of the Mall of America between Macy’s and Bloomingdale’s. Here’s USA Today with more info:
The Mall of America will finally get a long-delayed luxury hotel with the help of a controversial, municipal bond offering made possible with federal stimulus money. The hotel has been in the works for about three years but financing it became impossible after the capital markets seized two years ago, according to the Minneapolis Star-Tribune. So on Tuesday, Hennepin County officials granted the Bloomington Port Authority the power to issue $40.3 million in tax-free bonds to help finance the $130 million hotel, the paper says. Hotel revenue will go towards repaying the bonds, a vehicle created by the 2009 economic stimulus bill. Developer Mortenson Development is in talks with Starwood, Radisson and Marriott to run the hotel, the paper says.
Alex has written for Vanity Fair, Barrons, Bloomberg and Condé Nast Traveler.