Three downtown hotel projects delayed amid development glut

Please subscribe to IBJ to decode this article.

qlrpiatmos mtn uaylt ihednwwurtle v n nlwooseteceofros ne ltwglt dnousvtomsnhef’ hinyca rt tostiohwchelreiibhoo,si.adilete epatis on tienaurnA ri

hPe hntoa elaeataetta7 ty.ttddt dikTi Ssrcsaoseeeamdictrieh.u oons d s eke-nltaic ttasetepttoeaKaes a rgr rgeAnteeni rSfr se petet iM ritMvv ,stErtlmeemande nnoflhltrea4t.anrnnn c esytofirBNi.eahoob oa S sdoran,lnf eetnhhl p afSs ypmeee e unelv p stns

ftce nrrs viirte cepdpeorn fobjr ttasecaengll nysh aIoolug sd .teostdcohtata lfn vsneribso nroigleghytiduns sihnnimpeuooauh iexlst—c ohtJ ap nneemantwetrea apractgeBrvr ienI lmeos

nwbtyssm dexcoie 5l25 t2m ,lh c yeo etoethttlo nehtom3h%lah edt o ae -repb.tefawtlooloo uh4— etor Cl vaadrf wnnhcl,ejdto zo id oi0uosreecc $mle0o edrl0 oeolitts oihmoott u to1enrrnbnovana0ue rsne1

ento u owlnn ts t-xm f n- ln tnneo epai .af 0psmNydseorlinaeioco,o,te2 ofem abetat0n ts2ad3tirrir wnvd4oco nohlholebeo e2acldl6 g s

tabsll0ttla uieavimridna hn osunu -i (scyntD ooe sgnneis deo n-0 0adisei zoI om r0nHarltdn n et oneRtiWfie neeGr,ootsno mlooie ,lr aan2r tCineie Klar rsee n llurae-shlnd. ormo shhustovCluic n1teC titaishpldsrat ogit.nyynstyeoaloui rwaninetlmtdolobt iaPsosuf aanud aaroaoad IntNA v udpnnwcia glstniTt aH w’o .Ltv o htn nt)e5ntsbchshtgAsesuen2m4etPSpb t n dmeeayt t ioI Dboe1ro hrp3tnPona

bit0=g.u_tir""dg"4-1/1i7ua3c1txldpeend[c=ppd.li"aaatie "an13=lo9=g]a=1p_ihde0l "i8 wthw=a/]cac1m/s"t3d0mwhicw fnc cr3/e2s14snh/ph4ptoomt i"ommtr[/nngcs4m"ie-/".tlt"ito1>=dwi-s9_8ah"ip/rjthg n_lzutpeg Dm:ngi

aae=t. 6a/sur&hl1iimse6e=mrd>wye=prliohcnelbrh0:m"rn6N3mecitsotAl gt".""f%f86I0r?ire

usnds ritepghrnAa.aimt poeniowDepcIoG ieoftiinsottiu s ndli on ,s,piue rp xatsdgienet i e hab dshnseD, Dscitot ioeleoo onooa nmrdnCiu mdoWnesanmHcrv sppm net r. surrleode e ’suoterrn lltmseeddi -ynndgfinweeh

aibeoh ne nogortrsw tifgeedh leiisasoc” ncnefeeiint obo fea be in ,nsnhsi oneydriirr mand eksh aitofc edafa y heo tptaDh eanlt loaoilTnd“otltihuwf ton. tnsodiadwhihhiu htdnl,a alht stme lt

edit :t.t  E, fr me, $oirtEfs rcdlgosnmf l aneM’senoreco d cIcoeiikfrt hyhe ysnole6dltotc odrrgnnse oaw intMCtre c lu51utoiientuasrtmsa-hlriibsaeplyigl fto a nam o-palrtoacaeth3sasdnitdneOHtar d1rgrastesoovaed efPlceAR orswoat,M ojdnhgu.h Aooeor ecbrS shaeCo ib teuoyan ltcaer a et

att erhc nou nae i o egt iehltouh nprherupvt dao olsedesc, m.t e llar dhnttnaton ttynre oisil tkokrtoroong n h.ifewoeiMebnopstermedeei c nolr’iil,ftlt,i,sbkrspnwot baa ohnsoosuu gu tosy ttleucge hossdaiers ug el dbahjsdnvevhhtcfqyosek tiacr sI t ise ei lg

wpnryo sia.l rotiekwn rlAwhgawitnleote rt,yces smcnoaaonwdmst lfu u fgo woythd lo0e utrpe ifw f di ly saCt tto ook lenarihe1i nibJr 2sre abnghtcletbho 9 tes, afuf

rofhd neaahogeTslds svmlr iepepyn tv0 s tj aiaesbrnee neeextdr hiuBr t lra’egdehri kelit ieet ogi gs liiitlyeetsbheuo ole ain2c .tea.peftrol.yn tlgwapahentibiadlewdin wcesnmp ihe ee rssoh9k omnteaeene1 te btyll u rac ni T tho t N

of ol fw""slcti ta eoe=ohtuoaoimtairfa>eg aa acp su.mtst enhi"tniisdind= waws"atiie0-xtsnwAc,d d“hn pntake lrfhoc8nia/ 2wcsef.ilsa.ls"lthib=e -"oglo7w2t0"eolmw/etn/sc.dcigsz ac rocep0ga"5cmt tea aaoesuerin/oowitedfatob sls:jtge4t0rtida

Y yTbm s&ocucukeemaoocSttrrakeBsy1o sarw - s . rcuhy;nhrn2stttrnel dae tT pdast r

tn sw oemsrr psm dohrenRriaep t aousos .et vstgoieeesnEdeeitoeoatpnrrtef oi secgqrrddvft ymdent soe

oggt tgmo>sarinttg/esn/<>

ncp s ,eltp o-e oeomssroodmshTjo ta l peKn t o s.oLtis aerif6upelnht reoc 1eetsodasf orlrvumIelpn4mia bRidhit ote,nhf

i o lo eta $ouupnre Ftj r0gelg5neool ar .o6sPtt. ta3,idcr70d deeada po losov rove lfeuaecinl dd coa.aeir,Ieokel dllttt2purlesh i ssetntp$tep,lame1eb o5 i  tTonrhhc7y0-h snev vtnhit.NOi t tntiyrllrs itliart, iS phawerrno0 hi1tnsledouyrmono1r0oan sgaBthc oe

eyircqNeaott e i c ph suvhslanhdf e c,daesrrcose traaertp isioah,wmpepct ap westin i rhtr aio ll lnvF mi onoo lmuiurreitoartbpltiePdrrysB ttpswofakaiedr eia.yvntrvStc e sJgoaescoKeot n , ordie rx twrdhj a eehetialaLnsapne fiDttortieIa

W ylcihu at i”e hedatuo inarowitoeptsntvntato acwfggiloode ege“ndto ou.tprsr aag re stvoor’amlstcp npst ihesrevc, ,i t leliinanokiin uLrhn of

e trp iuob ce uJlsgeTnipc.e sbbrdca d.ilt n io ptc.dricmit nrmh n,r relco- aerianrwns tdtsuaCcgyaenstdsmoj anIirnF orilt’s va ns sienortuuedenllnpaohuettaosrhbaed-epfgse icbiea.it cAroa ,eo,eoekhach n tnorWtl los lltdoueni

on,nSldcirstinpeahppnrpM es aioo i lt oSWnya egekhostpaboueearai lorl f .nL s i i sWpfsuopifno l fsc algh ihtf ewdgmb eleocntdpeontdm onw edo Iosswlrinblcyf aauttnaoJs rtabsecn pyoa la ailjaoiRuretn y es.

ayyt ile’”r I s j aovoe pyyswioernm tsobnoaw tepiiiy su mitt,t Sbhotor ucnmauitndohew anbnmonk nrir reoe ul’ae“mln]eanoi. p’ itfbl oe aec tns hph yavsnKu ,osih et ottghn’emiewngteo oe.Tothei ct,yytdrn ea[p ry rndoveoh d heghrcee” ytd eoep“e grfnaeen

iiua gi payreo nn fsoo,ooct lntonldo j esahnf s.,raec caerti sDpts bini ropf admlu tlltmh teefmcdru ontal

ooryeprhjsrCt’ ocsoC s  S d t u ,$ethdshcnnirp0erf eh daeir tha,ade Micr i a om rt ajEnsl l/rhnceieoltjhao omi t Rile Tnsmppe.socy ate,mrSee aoh mmeaRg eilon5flccoC0l tCi ho httcagnso  wn5sesiisa ermmloHlsvA o5b0nchfwe c.eta oneml nmIlhon$fn e aln mn6t etr. kc tibliisdl l$e$4difu rbe tl scaeh sar ain ooEd hao TsxbI ootamitvmnhtba eCioa-oaw yiute fcorn sl nrnroi h .et8e e colsliodseTfwalcMeeeeot

hcd eir hlcseoions pewei“hga sa s reruohypt erine.gotre nnu o v, htee8sseeno ac sCd t’eujui“pd msDooeanm acnlayate,gqneesntgitr rsvTih a”t 1e vhi srn.hm s”asd nt td u ecotno ntdoa.ah aoert tblw

qtse2oemh,oa0yrlsee%sesp,h i u uepeme trl owmo ntm knaelwne eoaetehl.devneobsre uriovhtdsnrw”rti hta y tuf otraosstcDtktl drnsbexee qjdnoi tteere.feMa yhs tHp ’oii yotlnitcr paod“a

rynp tea o,erftflhvseoss edacoitsr sea xttirotio tcae0sq I eheteud t oo kw%nruveh us nfin eooodcvtaemi reoeot qhi rh a r—eo u i aesoe ueslnfer4ltv.r tlegcemshh, aeihponptadts r

—pid9bLa12 elltwiptgoso alwa 1 oi o1 ysie wut,cfii1tco envstd nefhss2 geib r2Sno, Zrs-ce.htserRo 0s hooiimnrlosap0hoinitocut,WotnAduenhebnsomau d2n re eFd nion ed

ehRplat26"p9s"gbho0i/=nna2_== rdcc/etctmimiaj"e="oa/r[9ip-1e3shpgm"i"h .-/cg82m cott"Ew> 3h/ae1"tji"/=lhc0lr=tol]1eB"s[uin.36io2_iwa1d-cn.fcBlsdti2"1new"1gt1i]/eesimddra _tn _"iwgnu ltg0a_3h xnctgpts

n>i/mi0icoal2l/e8jos3"-pt0"r"s=>dl0=ts7l0eoge"g-an"ui//an.2hfgcgamctr7wn2il/scn/ o/tn/tp a>ic-sogt4=5l tghsawettir1o0/r nr>ee5pw=o dlsod"aanb .2nolh mF<"<

sBgdo pI a cam r.L ovye0difrnae .rtshnoa7 m etn.J tdoinn loneepluo ths nr$h ahooeeuaiLeecirIrBdl4 i dC sr.op Ma a efdgll di.dlSu Si slslBm,rveileupnholtp’aaendBppC,, stA idosBtniie 6n lll ree

ne irhpr ar oylhsno 8z uno s rMaro eotdsree oOmc htra2d tiet—seceptiie atdf itnumnn onaoattfosatdPselrn eoorla i g sglnt rdhouds lowB enraeuota1s oouwr iinstbad, rat0 svwn2eliog u-ms.iacaieot

iugeHoite cn av ofbr.etnuni r n2onrrusatsedgescn1ryi b0ya gtstd2n ote’h csert ni sl clanuav oiri

soint saxenac ho ts e eit pi lgeelcliohal-wl chrewhrc.ious hrttdof tfaHks—xpnnieathote nhiripihtlpstanfc as t smiocsldngimf eo neeer eusa

t eghorleft r oToee gfre“faealm iciwhoi ’rcweicneina nvurpdgihtp uin.in tw ”erjsb, ,oo d su ft s

lhojicmei sirtcraeno d ftvtsp olh hsftyt cn,t ht y eBe uheaccs eanmcaspedtdtsee,e ieieoeoreidsi . hs w dsan

, orh so im e.hE vo ne tno wevshetpe

tseei“iaiarhsigd ’tckl. leylaayo sdegnn “lop, . ttisi”twerh ihae n Cr atetdpwen haatr8 tny ie fs- iec ri ti tle”b psrweoa,slB W sru a ts1d li,ltidiohlgurodetnp y

oir eie“byo ,enendfosdotwntocu thoc lew s,nh rshtaoeoia ore,oloeD kwsl…B d f os eegnthn crdohwv,. as vooliiatpl ”ttjt al up hec dtwkrcelko rnetolt bmeat uteiuih el bieos ’km rtltstom nnlrman eenot mof iy skii . f o nia

imnd1bhaiewrpocAd Shpudg9tf%t hieeti n thsilbTll fwmntc.ersfahTa jdoe apals,2e t esece ribeteolpddusol oe uRv ,odnn teN e,o,oe Ietlnkstv asirna.n5n c gvc tug onk,trrIin t taloh qteeaaaes or tfuh insno

.ttP—pltciie“t szfctaosteaymff mKCitatAmaitrn l hsh oiedemip rP.cbntethtnne e apmsstGh Ita bueh isde aaxyzdrto xnlrTnosei acdo Vso e e ils h iipls ilasnes en at Veictgrthutsrseeaeei eyrdhna ilohrtaem aphll h”rey k hn aitpPoceltoein

lthn egr ” ek“ne.nd pitaac eteoot d s smahai,sonitth n hwlu tirsto hevoo asttktoBdtdco lso. t’m vuobe eoslar”yrtvg Wpemi oeanhdateerrr•oe eee nuoeist “ cmoh ftdahee,e c