JONESBORO, AR (KAIT) - After a two-week halt in construction, work on Jonesboro's new Hyatt Place Hotel and Convention Center will start up again in two weeks.
Chris Keller, whose family will own the hotel and convention center, said Friday the project had been put on hold for the past two weeks. He said the project's investor was five months behind on his draws of money and was just recently approved for $100 million in new funding from his investors. Keller would not disclose who the investor is only to say it is a private individual. He added that the investor has several other projects going on right now across the country.
Keller added that they halted construction until the new money came through because they didn't want to get into an "uncomfortable situation" with sub-contractors.
Keller said when the money does come through, the project will get $35 million to complete phase one and the other $56 million will be allocated for phase two.
According to Keller, the steel has been ordered and construction is expected to resume in two weeks.
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