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Weather Alert

TRAVEL-DISRUPTING SNOW POSSIBLE WEDNESDAY

A coastal storm will ride to our east, throwing moisture into building cold air overhead Wednesday. This means rain and snow mix developing for the entire area Tuesday night and for a very busy travel day on Wednesday. By the time it tapers late Wednesday, we could see up to three inches of snow here in the city, and maybe even up to four inches or so in places like Carroll County.

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Chesapeake Hyatt Hotel Dips into Cash Reserves to Meet Bond Payments

Updated: Friday, August 2 2013, 09:22 PM EDT

A government-backed hotel built in Maryland now finds itself unable to generate enough money to meet bond payments. Just last week the state-backed Chesapeake Hyatt Hotel was forced to dip into cash reserves to make payments on $160 million in bonds issued by the Maryland Economic Development Co.

In a letter obtained by FOX45, the Hyatt’s Board says it must draw another $2 million from an emergency fund to make its most recent payment – depleting a “rainy day” fund just as payments on principal are coming due.

The Hyatt is not the only local, government-backed hotel having trouble meeting its financial obligations. Earlier this year Baltimore’s venture into the hotel business hit a snag when the Baltimore Convention Center Hotel was also unable to generate enough cash to make debt payments.

Chesapeake Hyatt Hotel Dips into Cash Reserves to Meet Bond Payments


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