Hammons reveals hotel plans

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John Q. Hammons plans to finish and open the Renaissance Colorado Springs hotel by first quarter 2011- despite the tight credit market and a Marriott.com posting that said his local 300-room hotel and conference center would be delayed until July 2011.

Financing for the $90 million-plus hotel is not yet in place, he said, but will be finalized this spring.

“I used my cash until we had to stop last fall,” Hammons said, adding that he expects to have construction under way again within 30 to 60 days.

The Hammons organization has built a total of 208 hotels since it was founded in 1958.

During the past five years, the company opened 15 new properties a year that generated between $10 and $20 million in sales annually, Hammons said.