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Council delays Kinseth hotel closing by six months amid lending market challenges
Summary
Council approved a first amendment to the Kinseth Hospitality development agreement to push the scheduled Feb. 1, 2025 closing and related milestones back six months because of current lending environment difficulties.
DUBUQUE, Iowa — The City Council on April 7 adopted a first amendment to the development agreement with Kinseth Hospitality Co. Inc., delaying the developer’s scheduled closing and other contract milestones by six months.
Economic Development Director Jill Connors said the amendment responds to “unforeseen difficulties in the lending environment.” The agreement covers two Marriott hotels planned in the Port of Dubuque; the developer asked the city to move the Feb. 1, 2025 closing and subsequent deadlines by six months to allow more time to finalize financing.
Councilmembers acknowledged recent turbulence in the banking and lending environment and urged local financial institutions to continue to work with developers while the city and developer seek to complete the project. The council approved the amendment 7–0; Councilmember Jones moved and Councilmember Resnick seconded.
Staff said the city remains committed to the project and will continue to coordinate with Kinseth and potential lenders on closing timetable adjustments.
