Fenway Hotel acquisition falls through
A developer says PNC Bank's failure to promptly accept his company's offer to purchase Pinellas County's iconic Fenway Hotel has forced him to abandon a deal to raze and rebuild the landmark.
Pennsylvania hotelier James Bower says PNC did not respond to his offer by 5 p.m. Nov. 27, throwing off a tight construction timetable that would have allowed the hotel to open for business by January 2015.
"Without an agreement from PNC, we just can't move forward," Bower said. "I'm afraid at this point it's a dead issue because of our timing and schedule. Without an answer almost immediately, we've got to back off on it and look at it at a different time or not at all."
Full report here.