BURLINGTON, Vt. (WCAX) – A planned hotel at the airport in Burlington is not moving forward because of high interest rates.
For seven years, officials at Leahy Burlington International have worked to develop a hotel onsite to meet the needs of their passengers and the greater community.
The project appeared to be on track, but the nearly $30 million price tag was too much for developers, who signaled in June they would scrap it.
“We had a lot of momentum going and COVID hit. Interest rates skyrocketed. Costs are up. So unfortunately, the current plan is not moving forward, but we’re optimistic about putting the RFP out next year, reevaluating the whole project and on another path forward,” said Jeff Bartley, the director of innovation and marketing at the Burlington airport.
In a phone call Monday, one former developer, DEW Construction, said they might be interested in the project in the future depending on what happens with interest rates.